Tesla investors sue Musk for his ‘misstatements’ on Twitter

Jeannie Matthews
March 11, 2019

The new plant will eventually have an annual production capacity of 500,000 vehicles, the California-based company has said, dramatically increasing its output.

The loans from China Construction Bank, Agricultural Bank of China, Industrial & Commercial Bank of China and Shanghai Pudong Development Bank mature in March 2020, according to a regulatory filing.

In a 2018 tweet, Musk had talked about having secured a funding for a plan to make Tesla private, and then in February 2019 he had tweeted about Tesla possibly producing half a million vehicles this year alone, both of which proved to be "misstatements" when Tesla remained public and also fell short of producing the estimated count.

Tesla has said that the Gigafactory will cost around US$2 billion.

China's NEV sales maintained solid growth last year, despite the world's largest auto market facing its first decline in 28 years overall.

Chinese electric vehicle start-up NIO has abandoned plans to build a manufacturing plant in Shanghai after net losses doubled to $1.4 billion a year ago.

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In July 2018, China raised tariffs on USA autos another 25 percent, (from 15 percent to 40 percent) amid ongoing trade tensions in response to the Trump administration's tariffs on $200 billion worth of Chinese goods.

China agreed to roll back the tariffs to 15 percent last December after Chinese president Xi Jinping and Donald Trump met at the G20 summit in Argentina for trade negotiations.

Construction of the factory began in January and CEO Elon Musk said it will be ready as soon as this summer. Tesla said it raised $521million from Chinese banks as a term loan for raising the local factory.

Local manufacturing also will help the company sidestep any re-escalation of trade tensions between the USA and China.

However, in the company's financial disclosure last year, it shows that NIO's current agreement with JAC Motors puts itself at a disadvantage as JAC receives a fee from NIO for every vehicle that is manufactured and the EV startup also has to compensate JAC Motors for any losses sustained during the first 3 years of the deal.

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