Tesla continues to expand its production efforts around the globe. While in the United States, its main production factory in Fremont, California remains closed due to the coronavirus outbreak, Tesla has plans for its Shanghai facility. As a matter of fact, Tesla recently secured a major loan for Chinese production.
The electric vehicle manufacturer secured an agreement with Chinese lending sources to cover spending related to production costs at its Shanghai production factory. The loan registers at $565 million USD or $791 million CAD. The Industrial and Commercial Bank of China Limited provides the loan, which covers expenses involved in vehicle manufacturing and production.
The Shanghai Gigafactory stands as Tesla’s sole factory outside of the United States. As such, the loan represents some impressive headway in the international market. At the current moment, Tesla has a facility in Berlin under construction. But there’s been some recent hurdles there as well.
With demand for the Chinese-made Model 3 already high, Tesla has their work cut out for them in Shanghai. Meanwhile in the United States, Tesla’s production remains halted due to strict shelter in place orders in California. While restrictions are beginning to loosen up, it’s still unclear when Tesla will be cleared to return to its full working capacity in Fremont.
