Tesla has allegedly secured over $1.4 billion in financing in the form of loans from several Chinese banks so as to help fund the construction of its gigafactory in Shanghai. First Reuters and now Bloomberg reported that the funding as confirmed on Monday afternoon, with an official announcement to happen sometime this week.
The loan is going to be distributed across five years, also will be accustomed to both set up the gigafactory and to help finance Tesla’s establishing of its China-based operations.
Tesla declared plans to assemble its Shanghai gigafactory in July 2018, and it started pre-orders for its Model 3 vehicle in the country. The automaker is expected to have the ability to provide Model 3 cars built at a slightly lower price than versions. This mill will focus on providing Model 3 vehicles specifically for the Chinese Market, also Tesla currently broke ground to the Shanghai-based facility in January and began generating some automobiles, but as with its other gigafactories, the company can bring parts of the plant online while it works on completing other areas of the gigantic manufacturing plant.
Including the European gigafactory outside Berlin that Tesla CEO Elon Musk declared in November, the automaker now has four gigafactories either operating, under construction or in development, including one in Reno, Nev., also also a single in Buffalo, N.Y. Musk has teased a potential fith gigafactory place reveal, but the company hasn’t provided some specifics thus far.
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