Tesla enters into agreement with lenders in China for Gigafactory

Tesla enters into agreement with lenders in China for Gigafactory”

A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai, China January 7, 2019.

Electric carmaker Tesla has won more than $520 million in loans from Chinese banks to build its first overseas vehicle plant near Shanghai, the first foreign automaker to wholly own a factory in China. The Securities and Exchange Commission didn't take kindly to his comments, levying $20 million in fines against Musk and Tesla and forcing the company to put controls in place to oversee Musk's communications with investors.

Tesla's lenders of the unsecured loan include China Construction Bank Corp, Agricultural Bank of China, Industrial and Commercial Bank of China and Shanghai Pudong Development Bank Co. It settled the $920 million convertible bond that matured on March 1.

"His conduct has not only cost Tesla shareholders dearly but threatens to expose the company to even greater liability and litigation in the future", the statement further said. - The Shanghai factory will allow the electric-car manufacturer to dodge the China-US tariff crossfire and can sell directly to the Chinese buyers.

Vehicle sales in China have hit a slump, falling for the ninth straight month in February after recording the first annual drop in more than two decades a year ago. Beginning local production in China is key for Tesla to reduce the costs of its cars in what is the world's largest market for electric vehicles. -China trade war, which has forced Tesla to modify prices of its USA -made cars in 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.

The company broke ground on the factory in January.

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