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Tesla secures 5B yuan vehicles in-transit credit facility in China

Tesla Inc.'s Chinese arm has secured a 5 billion Chinese yuan loan from China Merchants Bank Co. Ltd., Beijing branch, to fund vehicles in-transit to China, the electric-car maker said in an Oct. 2 filing to the SEC.

Tesla Automobile (Beijing) Co. Ltd. entered into a facility agreement with the bank Sept. 26. Each drawdown under the loan facility is subject to certain conditions, including reporting requirements with respect to the vehicles purchased and imported by Tesla Beijing and certain cash deposit requirements, Tesla said.

Borrowings under the loan facility will accrue interest at a variable rate no greater than 90% of the one-year rate published by the People's Bank of China, the electric-car maker said.

The announcement comes as Tesla reported that it produced 96,155 vehicles and delivered 97,000 in the third quarter.

Shares in the carmaker fell 5.3% to $230.20 in after-market trading Oct. 2.

As of Oct. 2, US$1 was equivalent to 7.15 Chinese yuan.