Caixin Global – Latest China News & Headlines

Home >

Forget About 5G, China Says. We’re Already Developing 6G
Alibaba Sued by Home Appliance Maker Over E-Commerce Marketing
WeChat Pay Eyes Foreign Visitors in Race with Alipay
Is Didi Next in Line for Valuation Correction?
Challenging Tesla, Chinese Property Giant Vows to Unveil First Electric Car Next Year
Two Persons Diagnosed with Pneumonic Plague in Beijing
Huawei Hands Out Billions in Bonuses for Staff Response to Sanctions
Tencent Marks Anniversary By Touting Its Tech as Good for Society
Xiaomi Maintains Lead in India Handset Market, but Chinese Rivals Pose Growing Threat
China to Launch Mobile Number Portability Program on Dec. 1
China’s Pork Prices Rose 101% Year-on-Year in October
In Depth: Is the Sharing Economy Bubble Bursting?
After Double 11 Smashes Shopping Records, What Next for China’s E-Commerce Giants?
China ‘Confident’ That Brazil Will Let Huawei Build Its 5G Mobile Network
Gree to Invest $290 Million in Another Chipmaker
China Raises Annual Rare Earths Quotas at Least 10%
Update: Alibaba’s ‘Double 11’ Shopping Gala Reaches New High as Hong Kong IPO Looms
‘Double 11’ Spending Boom Comes at Environmental Cost, Study Warns
Tencent’s Pony Ma Gallops Back Onto List of World’s Best-Performing CEOs
Two More Chinese Firms Downsize U.S. IPOs as Investor Interest Cools
The Sinister Side to China’s Most Successful Rural High School
Bank Regulator Denies Sweeping Plan to Merge of Troubled Small and Midsized Banks
Tencent Eyes U.S. Gamers Through Deeper Ties with Nintendo: Report

By Liu Yikun and Isabelle Li / Mar 08, 2019 07:36 PM / Business & Tech

Photo: VCG

Photo: VCG

Tesla’s “Gigafactory” in Shanghai has secured loans of up to 3.5 billion yuan ($520 million) from Chinese banks, according to the company’s filing to the Securities and Exchange Commission (SEC) in the U.S. on Thursday.

The electric car maker disclosed that it has signed a syndicated loan agreement with local branches of banks including China Construction Bank, Agricultural Bank of China, Industrial and Commercial Bank of China, and Shanghai Pudong Development Bank.

The funds, available until next March, will be borrowed at favorable rates. The interest rate of loans in Chinese yuan will be 90% of the one-year standard rate set by the People’s Bank of China, while the rate is 1% higher than Libor for USD-denominated loans.

The loans from local banks will be used for the construction of Tesla’s factory, expected to be finished by May, with the production of vehicles and batteries to begin by the end of 2019. The U.S. automaker broke ground in January on the outskirts of Shanghai.

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

Share this article
Open WeChat and scan the QR code