Tesla has sealed agreements for up to $1.3 billion in loans from Chinese banks, according to a Thursday regulatory filing. The revolving loan deal is intended for use on Tesla's Shanghai electric-car factory. The lenders involved in the agreement include China Construction Bank Corp, Agricultural Bank of China, Shanghai Pudong Development Bank, and Industrial and Commercial Bank of China, Reuters reports. The Shanghai plant will be Tesla's first vehicle manufacturing facility outside the U.S. It is part of the company's effort to increase its sales in China, the world's biggest auto market, without higher import tariffs that apply to cars made in the U.S.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Will Donald Trump wreck the Brexit deal?Today's Big Question President-elect's victory could help UK's reset with the EU, but a free-trade agreement with the US to dodge his threatened tariffs could hinder it
-
Marine Le Pen's fake jobs trialThe Explainer The far-right French leader could face a fine, jail time, and a five-year ban from public office if found guilty of embezzlement
-
How to earn extra cash for ChristmasThe Explainer The holiday season can be expensive but there are ways to bolster your festive finances
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
