Tesla Investors Are Suing Over Elon Musk's Bad Tweets

10 March, 2019, 15:34 | Author: Eric Barnett
  • Elon Musk smoking marijuana on a video podcast

Tesla Inc said on Thursday it signed an agreement with lenders in China for a 12-month facility of up to 3.5 billion yuan ($521 million) for the electric carmaker's Gigafactory in Shanghai, and secured new commitments from banks that could be used for investments in the United States and elsewhere. The Securities and Exchange Commission didn't take kindly to his comments, levying $20 million in fines against Musk and Tesla and forcing the company to put controls in place to oversee Musk's communications with investors.

The fresh borrowing follows Tesla's largest-ever debt payment last week.

Four banks - China Construction Bank Corporation, Agricultural Bank of China, Industrial and Commercial Bank of China and Shanghai Pudong Development Bank - are lending 3.5bn renminbi (£400m) for the project. For dollar-denominated loans, the rate is 1% more than Libor.

Tesla has said that the Gigafactory will cost around two billion US dollars.

An average 18 percent decline in retail sales was reported for sedans, sport utility vehicles, multi-purpose vehicles, and minivans in February, according to the data from the China Passenger Car Association.

Localizing auto production will help Tesla to minimize the impact of the U.S. -China trade war, which has forced Tesla to adjust prices of its USA -made cars in China. The automaker said in October it compared with its Chinese peers.

Musk has said Tesla plans to start battery and Model 3 production at the factory by the end of the year.

Local manufacturing will also keep the company immune from the vagaries of any re-escalation of trade tensions between the US and China.



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