Economy

Tesla Gets USD 520 Mn Funding for First Chinese Plant

Tesla Gets USD 520 Mn Funding for First Chinese Plant

The electric vehicle maker is launching the auto in the country at Tesla's Mexico City-Masaryk store on Friday.

That's the message a group of institutional investors in Tesla is sending the electric-car maker and Chief Executive Officer Elon Musk in broadening its claim against him Thursday, saying his "repeated misstatements" continue to harm the company and its shareholders.

The company unveiled the long-awaited $35,000 version of the Model 3 on February 28 and said the same day it will close most of its stores and shift sales online.

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.

According to a filing by Tesla, as much as $520M in loans have been committed by Chinese banks.

The fresh borrowing follows Tesla's largest-ever debt payment last week.

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The US giant will make its Model 3 sedans at the factory - initially targeting 3,000 cars a week before ramping up annual production to 500,000 - which it plans to have operational by the end of the year.

Hours later, the billionaire sent a follow-up tweet indicating that the company will actually deliver just 400,000 cars this year.

Chinese electric vehicle start-up NIO has abandoned plans to build a manufacturing plant in Shanghai after net losses doubled to $1.4 billion past year. -China trade war, which has forced Tesla to adjust prices of its US -made cars in China.

China agreed to roll back the tariffs to 15 percent last December after Chinese president Xi Jinping and Donald Trump met at the G20 summit in Argentina for trade negotiations. The city will have to wait until Tesla, which recently began construction on its own factory in Shanghai, has reached production capacity before it can approve other manufacturing sites, according to the source.

Tesla has said the Gigafactory will cost around $2 billion, and could help the company buffer against the ongoing trade war between the USA and China.