Tesla raises around USD565 million for Shanghai car plant

Corporate developments

Tesla is planning to expand Shanghai Gigafactory capacity to 4,000 units a week by mid-2020

Tesla has entered into an agreement with the Industrial and Commercial Bank of China Limited for a working capital loan of up to CNY4 billion (USD565.5 million) for its Gigafactory Shanghai, the electric carmaker said in a regulatory filing with the United States Security Exchange Commission (SEC) on 7 May. According to Tesla, the loan may be used only for expenditure related production at its Gigafactory Shanghai which began operations in late 2019.

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