Tesla received 1.4 billion investment from Chinese banks

Tesla received 1.4 billion investment from Chinese banks

December 24, 2019 0 By autotimesnews

The American company of electric cars was able to make a real breakthrough in the Chinese market. She became the first in the world to fully open her own factory in China, and received huge investments from local businessmen.

Tesla managed to get $ 1.4 billion from Chinese banks, which provided a loan for the new Gigafactory plant in Shanghai. But this is not the first local loan brand. Fresh finance will partially go to extend the previous loan of $ 500 million. The remaining money will be used to develop the plant and the brand itself in the local market.

The group of banks that provided the money included: China Construction Bank, Agricultural Bank of China, Industrial and Commercial Bank of China and Shanghai Pudong Development Bank.

 The estimated capacity of the new plant is about 3,000 Tesla Model 3 per week. The first test batch has already been assembled. Now the company is striving to increase production to 1,000 cars per week by the end of this year.

 It is worth noting that the Shanghai factory is Tesla’s first venture outside the United States. In addition, it is the first fully overseas factory in China. This will completely protect the company from a trade war between the United States and the Middle Kingdom. For development in the local market, Tesla intends to reduce the cost of Model 3 by 20% relative to imported samples.

Now Model 3 in China costs from $ 50,800