The rate on the new loan will be 0.9 of the base interest rate in China.
According to informants familiar with the issue, the American electric vehicle manufacturer Tesla and a group of Chinese banks have agreed to provide a new five-year loan to Shanghai Tesla. The size of the loan is $ 1.4 billion. Part of it will be used to extend the previously issued loan.
Banks that have agreed to provide Tesla with financial support include China Construction Bank, China Agricultural Bank, China Industrial and Commercial Bank, and Shanghai Development Bank.
Judging by the documents submitted by the automaker to the U.S. Securities and Exchange Commission, earlier this year, Chinese banks have already issued him a loan in the amount of $ 0.5 billion, which should be repaid on March 4, 2020.
The rate on the new loan will be 0.9 of the base interest rate in China. Such conditions are offered by Chinese banks to their best customers.
The construction of the Tesla factory was started in January, and now the company is already manufacturing finished products. By the end of the year, the manufacturer expects to produce at least 1,000 Model 3 sedans per week.