Finally, AllSquare Wealth Management LLC purchased a new stake in shares of Tesla during the second quarter valued at about $28,000.
Tesla's valuation is 37 percent more than General Motors Co and is nearly twice that of Ford Motor Co (US$37 billion) because nothing gets stock pickers more excited than unprecedented growth. This factory will focus on the supply of Model 3 vehicles specifically for the Chinese market, and Tesla already began building in January at Shanghai-based facilities and began producing some vehicles, but as with its other gigafactories, the company You can put parts of the plant online while working on completing other parts of the big manufacturing plant.
A source noted that the new loan is pegged at 90% of China's one-year benchmark interest rate the same as the previous 3.5 billion yuan loan. The loan highlights the confidence Chinese creditors have in Tesla's business in China, which is the company's No. 2 market.
The list of banks includes China Construction Bank, Agricultural Bank of China, Industrial and Commercial Bank of China and Shanghai Pudong Development Bank.
Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally.
The existing 3.5 billion yuan loan was a 12-month facility that is due to be repaid on March 4 of next year.
China cut its one-year benchmark interest rate to 4.20% in September, shortly after the Federal Reserve in the US lowered the target range for its key interest rate by 25 basis points to between 1.75% and 2% for the second time since 2008.
Tesla CEO Elon Musk speaking at the groundbreaking ceremony for the Shanghai Gigafactory in Jan 2019.
Tesla announced plans to build its Shanghai gigactory in July, after which it opened pre-orders for its Model 3 vehicle in the country. Tesla eventually aims to build 500,000 vehicles annually at the factory. By the end of the year, the electric automaker aims to produce almost 1,000 Model 3 vehicles per week.