The funds will go toward the electric-car makers new Gigafactory in Shanghai, and can also be used for investments in the US and elsewhere.
Tesla also has Gigafactories in the Nevada deserts and in Buffalo, New York. The Shanghai factory will be the first auto plant in China that's entirely owned by a foreign company.
The loans were declared in a regulatory filing, which also said the company amended a separate asset-backed credit agreement which widens how much Tesla can borrow by up to $700 million,reported. The news outlet also Tesla and its financing partners extended the maturity date of some of its commitments until 2023.
The latest financing maneuvers between the Fremont, California-based Tesla and Chinese banks comes as the ongoing trade war between the US and China continues.by economists at the New York Federal Reserve, Princeton, and Columbia, the trade war had cost American consumers and importers about $1.4 billion per month by the end of 2018.
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