565m

Tesla secures $565m loan from Chinese bank for Shanghai plant

PALO ALTO, U.S. — Tesla has entered into an agreement with a Chinese bank for an unsecured revolving-loan facility of up to 4 billion yuan ($565 million), according to a regulatory filing Friday.

The credit line will be used for “continued expansion of production at Gigafactory Shanghai,” the American electric-car manufacturer said in the filing.

A branch of Industrial and Commercial Bank of China in Shanghai’s Pilot Free Trade Zone is the lender. The bank has previously participated in a 9 billion yuan ($1.29 billion) term loan that Tesla borrowed from a group of Chinese lenders in December 2019.

The

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