Electronics Production | May 14, 2020
Tesla secures loan for its Shanghai gigafactory
On May 7, 2020, as part of Tesla’s continued expansion of production at its Gigafactory in Shanghai, the company entered into a Working Capital Loan Contract with Industrial and Commercial Bank of China Limited.
According to a regulatory filling, the company may draw funds from time to time of up to a total of RMB 4.0 billion (about USD 565.51 million). The loans may be used only for expenditures related to production at our Gigafactory Shanghai, the filling reads.