Caixin
Jan 28, 2019 08:16 PM
BUSINESS & TECH

Chinese Banks Rush to Fund Tesla’s $5 Billion Shanghai Factory

Workers in rain gear wait ahead of an event at the site of the Tesla manufacturing facility in Shanghai on Jan. 7. Photo: VCG
Workers in rain gear wait ahead of an event at the site of the Tesla manufacturing facility in Shanghai on Jan. 7. Photo: VCG

U.S. electric-car pioneer Tesla Inc. is seeking loan bids to fund its $5 billion Shanghai factory, sparking a rush by Chinese banks for a piece of its business.

A consortium made up of several lenders has been formed to provide loans to the factory, sources from multiple Chinese banks told Caixin.

However, they have yet to choose a leader, these people said, asking not to be named because negotiations are still ongoing. So far, multiple plans for the funding terms have been presented to Tesla.

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