Tesla secures US$520 million loan from Chinese banks | The Malaysian Insight

Tesla will build the Model 3 in China to tap into the world’s biggest car market. – EPA pic, March 8, 2019.

ELECTRIC carmaker Tesla has obtained more than US$520 million in loans from Chinese banks to build its first overseas car plant near Shanghai, the first foreign automaker to wholly own a factory in China. The funding, announced yesterday, is an important boost for the California-based firm, which has been in negotiations with Beijing for years over building the plant in the world’s biggest electric car market.

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