Nio abandons plans for factory in Shanghai

Nio abandons plans for factory in Shanghai

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The decision not to allow Nio to follow through on previously announced plans to build its own vehicle factory in Shanghai effectively means Nio may have to wait in line until rival Tesla's plant in the city reaches capacity. - The Shanghai factory will allow the electric-car manufacturer to dodge the China-US tariff crossfire and can sell directly to the Chinese buyers.

Musk has said Tesla plans to start battery and Model 3 production at the factory by the end of the year. The U.S. automaker broke ground in January on the outskirts of Shanghai.

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The end of the factory plans comes as competition in the electric auto sector is heating up, with China's government having announced plans to ban fossil fuel vehicles by a yet-to-be-decided date.

In its filing, Tesla said it had amended its asset-backed lending credit agreement with a syndicate of banks, increasing revolving commitments by US$500 million to a total of US$2.425 billion, while extending the maturity date of the agreement by three years. The entire proceeds of the loan will be invested in the construction of the Gigafactory in Shanghai. Since going public, Nio has launched another vehicle, the ES6.

"Securing this site in Shanghai, Tesla's first Gigafactory outside of the United States, is an important milestone for what will be our next advanced, sustainably developed manufacturing site", Robin Ren, Tesla's vice president of worldwide sales, said in a statement to Reuters in Oct 2018. Tesla borrowed 431.0 million USA dollars under the agreement in 2018. Nio predicts that the slowdown will continue into the second quarter.

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