Tesla, Going Oriental, gets $1.3 billion loan from China banks for Shanghai factory

Image result for A China-made Tesla Model 3 electric vehicle

FILE PHOTO: A China-made Tesla Model 3 electric vehicle is seen ahead of the Guangzhou auto show in Guangzhou, Guangdong province, China November 21, 2019. REUTERS/Yilei Sun/File Photo

Tesla has sealed agreements for up to $1.3 billion in loans from Chinese banks, according to a Thursday regulatory filing.

The revolving loan deal is intended for use on Tesla’s Shanghai electric-car factory.

The lenders involved in the agreement include China Construction Bank Corp, Agricultural Bank of China, Shanghai Pudong Development Bank, and Industrial and Commercial Bank of China.

The Shanghai plant will be Tesla’s first vehicle manufacturing facility outside the U.S. It is part of the company’s effort to increase its sales in China, the world’s biggest auto market, without higher import tariffs that apply to cars made in the U.S.

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