Saturday, 23 March, 2019


Tesla gets $520 mn funding for first Chinese plant

Musk speaks during an event at the site of the company’s manufacturing facility in Shanghai Musk speaks during an event at the site of the company’s manufacturing facility in Shanghai
Conrad Doyle | 11 March, 2019, 10:33

More importantly, building its vehicle in China will help US -based Tesla avoid steep import tariffs, so its vehicle can be sold for less and be more competitive.

Musk previously said the Shanghai factory will produce Model 3 sedans and its upcoming Model Y SUV for the Chinese market.

Nio's chief finance officer Xie Dongying also confirmed that the company will cease construction of a new plant in northern Shanghai's Jiading district.

In the same filing, Tesla amends its ABL credit pact to increase revolving commitments by $500M to $2.425B, allow up to $200M in additional commitments, and extend the term of most of the total commitments to 2023.

Chinese electric vehicle start-up NIO has abandoned plans to build a manufacturing plant in Shanghai after net losses doubled to $1.4 billion previous year.

An average 18 percent decline in retail sales was reported for sedans, sport utility vehicles, multi-purpose vehicles, and minivans in February, according to the data from the China Passenger Car Association.

The company has said manufacturing in the world's largest market for electric cars would help reduce transport and tariff costs. -China trade war, which has forced Tesla to adjust prices of its USA -made cars in China.

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 government is also encouraging partnerships between companies working on vehicle research and development and manufacturers with existing plants, aiming to use capacity at already built factories rather than constructing new ones, in a move that combats industry glut.

Tesla has said the Gigafactory will cost around $2 billion, and could help the company buffer against the ongoing trade war between the United States and China.

Cost control will also help the U.S auto maker to face the domestic competition coming from electric vehicle startups such as Nio Inc, Byton and XPeng Motors.

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