WASHINGTON (dpa-AFX) - Tesla Inc disclosed in a regulatory filing that it reached agreements with lenders in China for a secured term loan facility of up to RMB 9 billion yuan or $1.29 billion for its 'Gigafactory' in the country.
The company also said it has signed agreements for an unsecured revolving loan facility of up to 2.25 billion yuan.
Tesla has built a new factory in China and plans to build its electric cars for the Asian market at the new facility.
The company noted that both the loans will be used for expenditures related to the construction of and production at its Gigafactory Shanghai. The loan may also be used to repay the RMB 3.5 billion debt.
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