Tesla has secured a $565 million loan for its factory in Shanghai where the company just halted operations (TSLA)

Reuters

• Tesla has secured a loan for $565 million for its factory in Shanghai, China, the company disclosed in a regulatory filing Friday.
• The loan, which will be provided by the Industrial and Commercial Bank of China, will only be used for "expenditures related to production" at the Shanghai plant, according to the filing.
• Tesla abruptly halted production there Thursday, temporarily bringing its number of total operational factories to zero.
• Tesla had also suspended production at its California plant as a result of the coronavirus pandemic, but CEO Elon Musk told employees Friday that operations are resuming.
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Electric carmaker Tesla has entered into an agreement for a working capital loan of up to 4 billion yuan ($565.51 million) with a lender from China for its Shanghai car plant, according to a regulatory filing on Friday.

The loan, which will be provided by Industrial and Commercial Bank of China Limited, will be used only for expenditures related to production at the Shanghai plant, the filing said.

See the rest of the story at Business Insider

See Also:

• How to pronounce 'X Æ A-12,' the name Elon Musk and Grimes gave their new baby
• Elon Musk's family includes a model, several millionaire entrepreneurs, and multiple sets of twins. Here are the members of the Musk family tree.
• Tesla is reportedly preparing to restart operations at its California factory in possible violation of local shelter-in-place orders

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