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 lithium-ion battery has been the dominant force in portable electronics for decades, but its reign might be nearing its end. Enter solid-state batteries, a new technology with the potential to revolutionize the way we power our devices, from smartphones… Continue reading
Renault has introduced a breakthrough in hybrid technology with the Rafale E-Tech 4x4 300 HP. This plug-in hybrid (PHEV) redefines power and efficiency for SUVs, blending cutting-edge engineering with real-world usability. Below, we… Continue reading
Mercedes-Benz Doubles Down on Electric Freight With eActros 600 Rigid Variants Mercedes-Benz Trucks, a division of Daimler Truck AG, is significantly expanding its battery-electric truck portfolio by… Continue reading
