Electric car maker Tesla has reached an agreement with a Chinese lender to provide up to 4 billion yuan (about $565.51 million) in working capital loans for its Shanghai-based auto plant, a regulatory filing showed Friday.
The loan will be provided by Industrial and Commercial Bank of China Co. and will be used only for production-related expenses at Tesla's Shanghai plant, the paper said.
The Tesla Motors plant in Shanghai is the company's first vehicle production site outside the United States and is central to Tesla's global strategy to increase vehicle sales and more.
Tesla has suspended production operations at its San Francisco Bay Area plant due to a new coronavirus pandemic, and local health authorities told Tesla on Friday that the plant remains "unavailable" as quarantine measures will continue.
