Tesla Inc said on Thursday it signed an agreement with lenders in China for a 12-month facility of up to $521 million for the electric carmaker’s Gigafactory in Shanghai
, and secured new commitments from banks that could be used for investments in the United States and elsewhere.
The company broke ground on the factory in January. A Shanghai city government official said on Wednesday the factory is expected to be completed in May.In its filing, Tesla said it had amended its asset-backed lending credit agreement with a syndicate of banks, increasing revolving commitments by $500 million to a total of $2.45 billion, while extending the maturity date of the agreement by three years.
The credit agreement is secured by part of Tesla’s accounts receivable, inventory and equipment. Tesla borrowed $431 million under the agreement in 2018.Producing cars in China is likely to help the company minimize the impact of the US-China trade war, which has forced Tesla to adjust prices of its US-made cars in China.
Keeping prices in check will also help Tesla fend off competition from a swathe of domestic electric vehicle startups such as Nio Inc, Byton and XPeng Motors.
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