BEIJING/SHANGHAI (Reuters) – U.S. electric vehicle maker Tesla Inc <TSLA.O> and a group of China banks have agreed a new 10 billion yuan ($1.4 billion), five-year loan facility for the automaker’s Shanghai car plant, three sources familiar with the matter said, part of which will be used to roll over an existing loan.
China Construction Bank <0939.HK> <601939.SS> (CCB), Agricultural Bank of China <1288.HK> <601288.SS> (AgBank), Industrial and Commercial Bank of China <601398.SS> <1398.HK> (ICBC) and Shanghai Pudong Development Bank <600000.SS> (SPDB) are among the banks which have agreed to give Tesla the financial support, one source with direct knowledge said.
The Chinese banks earlier this year already offered Tesla a 12-month facility of up to 3.5 billion yuan, which is due to be repaid on March 4, 2020, according to a filing the automaker made to the U.S. Securities and Exchange Commission.
That new loan will be partially used to roll over the previous 3.5 billion yuan debt, according to the first source. The second source said the rest will be used on the factory and Tesla’s China operations.
The new loan’s interest rate will be pegged at 90% of China’s one-year benchmark interest rate, the same as the 3.5 billion yuan loan, the first source said. This is a rate that China banks offer to their best clients. read more
Sooner or later, his schemes are going to land him in jail. He’s a garden variety con man without his underwriting from Obama.
This is YUGE! No not really.
There goes the theory that the Chinese are smarter than other races.
I don’t care if someone else wants to loan him money. But when the US does, that’s my money.
There is no disputing that Elon is a brilliant guy, and capable of surrounding himself with brilliant people. PayPal, Tesla, SpaceX all had tremendous technology. Profitability on the other hand… and Elon is the reincarnation of PT Barnum.
Rots-A-Ruck keeping any technology secrets!
Anyone can come up with great inventions with other peoples money but without real profitability it is corporate welfare like GM and Chrysler. Eventually, the suckers get wise and want their money back. And now EL PRICKO will manufacture in China (a communist enemy that will eventually need to be confronted)
The self landing rocket was brilliant engineering but with ONE MAJOR FLAW.
You cannot maximize you lift capacity into space if you have to also lift enough fuel to slowly descend and maneuver back to the launch pad. (never mind the risk)
In that regard, even the space shuttle was more efficient. Its problem was that it was a virtual rebuild every turnaround. The boys in the 60’s did it right!
Telsa is costing BILLIONS on electric infrastructure for a very small percent of the population where everyone pays for the few who never bear the true cost of their elite tastes.
What’s that smell? Musk?
He’s not a genius. He’s an aromatic conman that convinces the low IQ to purchase automobiles that can get you to your destination. But only half way home.
He’s a charlatan, snake oil salesman.
WHY for this IDIOT?
https://i.kym-cdn.com/entries/icons/original/000/005/848/Aliens.jpg
Never ends,,,,
He better hope that he doesn’t get Shanghai’d by the Chinks.
They sell you the illusion that foreigners have security interests, rights and recourse against the bank which is also the government.
Build the factory there and China now owns your new competitor ChinCo Motorworks Heavy Industries. Purveyor of fine electric cars and pointy trucks.