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The
electric car maker said it has also signed agreements for an
unsecured revolving loan facility of up to 2.25 billion yuan,
adding that both the loans will be used for its Shanghai car
plant. (https://bit.ly/2tU35dI)
China Construction Bank Corp, Agricultural Bank of China,
Shanghai Pudong Development Bank and Industrial and Commercial
Bank of China are the lenders, according to the filing.
Besides construction and production at the Shanghai factory, the
loan may also be used to repay the 3.5 billion yuan debt due to
be repaid on March 4 next year.
The factory, which is Tesla's first car manufacturing site
outside the United States, is the centerpiece of its ambitions
to boost sales in the world's biggest auto market and avoid
higher import tariffs imposed on U.S.-made cars.
Reuters reported earlier this week that Tesla and a group of
China banks had agreed to a new 10 billion yuan, five-year loan
facility for the automaker's Shanghai car plant, citing sources
familiar with the matter.
(Reporting by Ayanti Bera in Bengaluru; Editing by Shounak
Dasgupta)
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