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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 . . .

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