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Tesla has secured financing from Chinese banks for as much as $521 million to support the construction of its first factory in the country.
China Construction Bank Corp., Agricultural Bank of China Ltd., Industrial & Commercial Bank of China Ltd. and Shanghai Pudong Development Bank Co. provided the loans, which mature in March 2020, according to a regulatory filing.
Chief Executive Elon Musk has said that Tesla will need about $500 million to get the plant churning out 3,000 Model 3s a week.
The electric automaker has been negotiating with Chinese authorities for years as it has worked to establish a manufacturing presence. Tesla broke ground on it’s Shanghai factory on Jan. 7. Musk has said Tesla plans to start battery and Model 3 production at the factory by the end of the year.