Tesla inks deal with Chinese banks for Shanghai factory

Tesla inks deal with Chinese banks for Shanghai factory

Tesla inks deal with Chinese banks for Shanghai factory

Tesla will stop selling the lowest-range versions of its Model S sedans and Model X SUVs from Monday, the electric auto maker's CEO Elon Musk said. Nio previously hoped to finish construction of its own site in Shanghai's Jiading District by the end of 2020.

Settling the US$920 million convertible bond that matured March 1 taxed the company's balance sheet, which had about US$3.7 billion in cash and equivalents at year-end.

The electric vehicle maker disclosed that it has signed a syndicated loan agreement with local branches of banks including China Construction Bank, Agricultural Bank of China, Industrial and Commercial Bank of China, and Shanghai Pudong Development Bank.

NIO, vying to be China's answer to Tesla Inc, said that deliveries of its ES8 SUV tumbled more than expected last month.

An average 18 percent decline in retail sales was reported for sedans, sport utility vehicles, multi-purpose vehicles, and minivans in February, according to the data from the China Passenger Car Association.

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According to a settlement given by the Securities and Exchange Commission (SEC) to Tesla, among other points, Musk had to get his market-related potential tweets evaluated by Tesla lawyers before posting them on the social media platform for the whole world to see and react to, especially those that could affect investor decisions.

Localizing vehicle production will help Tesla to minimize the impact of the U.S. - The Shanghai factory will allow the electric-car manufacturer to dodge the China-US tariff crossfire and can sell directly to the Chinese buyers. -China trade war, which has forced Tesla to adjust prices of its USA -made cars in China.

Ground-breaking work on the Shanghai gigafactory started in January and Mr Musk has said he wants the plant to begin production. Tesla said it raised $521million from Chinese banks as a term loan for raising the local factory.

Producing cars in China is likely to help the company minimize the impact of the US-China trade war, which has forced Tesla to adjust prices of its US-made cars in China.

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