Press "Enter" to skip to content

Tesla secured low interest rate loans from Shanghai local banks—report

The US electric car maker Tesla has reportedly secured low interest rate loans from Shanghai local banks to build its Gigafactory in the city with support of Shanghai local government.

Tesla's chief executive Elon Musk and Shanghai Mayor Ying Yong on Monday celebrated the ground breaking of the electric automaker’s first non-US factory.

In Twitter posts, Musk said the factory will produce “affordable versions” of Model 3 and Model Y vehicles for the Greater China region, and the carmaker aims to finish initial construction this summer, "start Model 3 production end of year & reach high volume . . .

To continue reading, please subscribe.

FREE TRIAL

We highly value independence. Yuan Talks is solely funded by subscriptions from thousands of intelligent readers like you. Don't miss out! 

What you'll get:

  • Original and in-depth reporting on China's economy and financial markets with details, data and perspectives you don't read elsewhere!
  • Daily Brief newsletter delivered before market open every weekday wrapping up the most important China-related information.
  • Weekly Market Wrap-up on Chinese equities, bonds, the yuan and commodities!
  • Interviews with China experts. We find you insights you should never miss!

 

Not ready for the full service? Subscribe to our Free Weekly Newsletter first.

Already have an account? Sign In

Top