Hyperdrive
Tesla Arranges Over $1.4 Billion in Financing From China
- Carmaker obtaining funds from local banks for Shanghai factory
- Announcement will probably be made as soon as this week
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Tesla Inc. has lined up more than 10 billion yuan ($1.4 billion) in financing from local banks for its Shanghai factory as it prepares to begin deliveries of China-made Model 3 sedans in the country, people familiar with the matter said.
An announcement will probably be made as soon as this week, one of the people said, asking not to be identified discussing a private matter. Tesla shares rose 2.8% to $416.87 shortly after the open of regular trading.