Tesla receives $565 million loan for Giga Shanghai operations

Musk looks on at SpaceX Falcon 9 post-launch news conference in Cape Canaveral
SpaceX founder Elon Musk looks on at a post-launch news conference after the SpaceX Falcon 9 rocket, carrying the Crew Dragon spacecraft, lifted off on an uncrewed test flight to the International Space Station from the Kennedy Space Center in Cape Canaveral, Florida, U.S., March 2, 2019. REUTERS/Mike Blake - RC12CE22F3F0

Tesla on Friday announced via a regulatory filing the automaker has secured a $565 million loan for its Giga Shanghai factory.

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According to the filing, the funds will be provided by Industrial and Commercial Bank of China Limited, and will only be allowed to use for production related expenditures (via CNBC).

The money comes at a time when the factory in Shanghai is the only plant currently manufacturing vehicles for the automaker. Tesla’s US factories, including Fremont which manufactures the Model S, Model 3, Model X, and most importantly the new Model Y, are all currently shut down due to the coronavirus outbreak. Musk’s frustration with the ongoing shutdown reached a boiling point over the weekend, when the automaker officially filed a lawsuit against Alameda County.

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