The loans were declared in a regulatory bid, which also said the company amended a separate asset-backed loan agreement that expanded the amount Tesla can borrow to $700 million, Bloomberg reported. Tesla news agency and its financial partners have also extended the deadline for some of their commitments until 2023. The electric car maker said it had also signed contracts for an unsecured revolving credit facility of up to 2.25 billion yuan, adding that both loans would be used for its Shanghai auto plant. (bit.ly/2tU35dI) Reuters reported earlier in the week that Tesla and a group of Chinese banks had agreed to a new credit facility for the Shanghai automaker`s car plant, worth 10 billion yuan and five years, citing sources familiar with the deal. Tesla announced Thursday that it has signed a contract with Chinese banks for a loan of up to $521 million for the construction of its first Gigafactory in Shanghai, abroad. (Reuters) – Tesla Inc has reached agreements with lenders in China on a secured credit facility of up to 9 billion yuan ($1.29 billion), according to a statement filed on Thursday. In addition to construction and production at the Shanghai plant, the loan can also be used to repay the 3.5 billion yuan of debt that will be repaid on March 4 next year. The electric car group said the gigafactory would cost about $2 billion and could help the company withstand the ongoing trade war between the United States and China. Construction of the plant began in January and CEO Elon Musk said it could be ready as early as this summer. A Chinese government official said Wednesday that the plant should be completed in May, Reuters reported. According to a new study by economists at the Federal Reserve of New York, Princeton and Columbia, the trade war had cost U.S. consumers and importers about $1.4 billion a month until the end of 2018.
Read more: Elon Musk`s security clearance is verified by the Pentagon after smoking marijuana in Joe Rogan`s podcast in September The plant, Tesla`s first auto plant outside the United States, is at the heart of its ambitions to boost sales in the world`s largest auto market and avoid increasing import duties on U.S.-made cars.