Chinese banks and electric vehicle maker Tesla reportedly agree to new $1.4B loan for car plant in Shanghai
IIHS technician Philip Floyd demonstrates front crash prevention test on Tesla Model 3 in Ruckersville, Virginia, US on July 22, 2019.
China Construction Bank, Agricultural Bank of China, Industrial and Commercial Bank of China and Shanghai Pudong Development Bank are among the banks which have agreed to give Tesla the financial support, one source with direct knowledge said. That new loan will be partially used to roll over the previous $500 million debt, according to the first source. The second source said the rest will be used on the factory and Tesla’s China operations.
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