Tesla Motors Receives $500 Million Building Chinese Gigafactory

As TheStreet.com reports the following.

To begin, Electric carmaker Tesla Motors (TSLA – Get Report) said Thursday it signed an agreement with lenders. All at Bank of China for a 12-month credit loan. It’s up to 3.5 billion yuan, or about $521 million. This is for the company’s Gigafactory in Shanghai. This gigafactory for Tesla Motors is therefore to build batteries for the Model S, 3, X and now Y vehicles.

Tesla Motors brakes include regenerative braking

So immediately, Tesla Inc broke ground on the factory.

Most interestingly and according to SEC documents, Tesla has until March 4, 2020 to pay up!

Tesla Motors

Finally for the entire story at TheStreet.com