Tesla has secured funding for the first phase of its China plant in Shanghai. Tesla, Inc. electric car manufacturer has signed loan agreements with Chinese banks for up to 3.5 billion yuan (465 million euros or $521 million).
Lenders include China Construction Bank, the Agricultural Bank of China, the Industrial and Commercial Bank of China and the Shanghai Pudong Development Bank, according to media reports. The shares of Tesla, Inc. e-car manufacturer improved after disclosure of the message in after-hours trading by 2.3 percent.
Tesla laid the foundation for his first foreign plant in January. Yesterday, news came from China that the building for the Shanghai plant is expected to be completed in May.
Reuters reported, citing a Chinese government official, that the first production lines should go into operation by the end of the year. In Tesla's so-called Gigafactory 3 not only batteries are known to be produced, but also complete electric cars.
So far Tesla manufactures its vehicles exclusively in the USA. The first plant is located at the company headquarters in Fremont, California. The second is the "Gigafactory 2" in the US state of Nevada. With the new plant in Shanghai, "Gigafactory 3", the carmaker wants to avoid Chinese import taxes. In addition, it reduces transport costs and wages in China are much lower.
Chinese automaker FAW has started constructing a new factory in Changchun that will produce electric cars for its premium brand "Hongqi". The completion of the factory is planned for 2022. FAW wants a capacity of 200,000 vehicles… Continue reading
The aftermath of the Covid-19 epidemic is hitting the automotive industry hard. Added to supply problems, the containment measures adopted in many European countries, as well as the closing of concessions which halted all sales, prompted… Continue reading
The Chinese manufacturers of electric cars are better and better, they are growing fast and some are already beginning to be profitable. These, are the reasons that companies like XPeng have seen their stock market price rise. Like all manufacturers… Continue reading
Nissan has presented at the Beijing Motor Show a new electric car. The Nissan Sylphy ZE looks like a Sentra, a popular model in China, but it is built on the Leaf platform (second generation). The electric car market in China is one… Continue reading
