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By Zheng Lichun and Han Wei / Oct 05, 2019 06:47 AM / Business & Tech

Tesla's gigafactory under construction in Shanghai. Photo: Bloomberg

Tesla's gigafactory under construction in Shanghai. Photo: Bloomberg

U.S. electric-car maker Tesla Inc. agreed to borrow 5 billion yuan ($700 million) under an agreement with China Merchants Bank, Tesla said Thursday.

The one-year unsecured loan will be used to help Tesla deliver cars to China, according to the company.

Tesla started selling its U.S.-made Model 3 to Chinese customers in February. Global deliveries of Model 3s reached 79,600 units in the third quarter, along with a combined 17,400 units of the Model S and Model X, the company said Thursday. But the figures fell short of Tesla’s target of 100,000 cars in the third quarter.

By the end of September, Tesla’s total deliveries this year reached 255,000 units. The company set a goal of 360,000 to 400,000 sales this year.

Tesla is building a Gigafactory in Shanghai that is set to start operation by the end of this year. The factory is set to add 500,000 units of production to Tesla by June 2020.

Contact reporter Han Wei (weihan@caixin.com)


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