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
Skoda has announced the launch of a full-electric version of its Citigo. The Citigo EV will have a maximum range of 300 km (186 miles) and will be called Citigo E. First rumors about an Skoda electric city car were from a… Continue reading
Metz Mecatech introduces an e-scooter called "moover", which according to the supplier has already received a special permit and therefore may be moved legally in German road traffic. Specifically, the… Continue reading
The Volkswagen Group has announced that it will invest 1,000 million euros in its first battery cell production plant in Europe, which will probably be located at its headquarters in Salzgitter, Germany. Everything depends, according to… Continue reading
