SHANGHAI (AFP) - Electric carmaker Tesla has won more than US$520 million (S$707.3 million) in loans from Chinese banks to build its first overseas car plant near Shanghai, the first foreign automaker to wholly own a factory in China.. Read more at straitstimes.com.
SHANGHAI - Electric carmaker Tesla has won more than US$520 million in loans from Chinese banks to build its first overseas car plant near Shanghai, the first foreign automaker to wholly own a factory in China.
The US giant will make its Model 3 sedans at the factory - initially targeting 3,000 cars a week before ramping up annual production to 500,000 - which it plans to have operational by the end of the year. Musk is betting on China's growing market for electric cars as Beijing pushes the industry away from fossil fuel vehicles.
According to a regulatory filing, Tesla has secured US$521 million from four domestic banks - the Industrial & Commercial Bank of China, the Chinese Construction Bank, Agricultural Bank of China, and the Shanghai Pudong Development Bank.China is by far the world's biggest car market and sales there have been on an upwards trajectory for years, although they slipped 2.8 per cent in 2018.
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