Tesla, the manufacturer of autonomous and electric cars, will receive a new line of credit at five years for 10 billion yuan from a group of Chinese banks, equivalent to approximately 1.4 billion dollars, for its automotive plant in Shanghai
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According Business Insider, the China Construction Bank, the Agricultural Bank of China, the Industrial and Commercial Bank of China and the Shanghai Pudong Development Bank are among the banks that agreed to provide financial support to the Elon Musk company.
This loan will be used to partially renew an earlier debt of 3.5 billion yuan that Tesla has been holding with China since the beginning of this year, while the rest of the money will be used for the company's manufacturing and operations in the Asian country.
Tesla began construction of the factory in January and began producing vehicles from its Shanghai plant. Its goal is to build at least 1,000 Model 3 cars a week by the end of this year.
The Shanghai government has also endorsed the Tesla project, which will be China's first fully foreign-owned auto plant and a reflection of the broader government change to open its auto market.