Reuters reported Monday that Tesla has agreed a $1.4 billion loan from a consortium of banks in China that will help it expand production at its Shanghai factory. The five-year loan will both rollover an existing facility and help Tesla expand the Shanghai plant, its first outside of the United States, towards it goal of producing 1,000 Model 3 sedans each week that will be sold in the world's biggest car market.
Bloomberg, meanwhile, reported over the weekend that Tesla is moving closer to buying a 740 acre plot of land in the German state of Brandenburg, home to Volkswagen AG, Daimler and BMW, as part of its plans to build a so-called "gigafactory" outside of the capital city of Berlin that will create 10,000 jobs and produce 500,000 cars are year when it's fully up-and-running.
Telsa shares were marked 1.2% higher in early trading Monday to change hands at $410.47 each, a move that would extend the stock's six-month gain to around 84%.
TheStreet's founder, Jim Cramer, explained earlier this month that his own conversion into a Tesla bull -- after years of concern for the antics of founder and CEO Elon Musk -- was based partly on the fact that it's one of the few car companies in the world that is indicating any kind of sales momentum heading into the coming year.
"I never mind flamboyant CEOs, but I have to admit I hated the way he tweeted like mad and taunted both the analysts, and more importantly, the SEC," Cramer said. "All of that ended though when he agreed as part of some weirdo SEC ruling to stop the incendiary tweeting and, on the last conference call he revealed his true rigor without the sardonic quips."
"That made me realize that he will have no problem negotiating with either the Chinese government for his Gigafactory built in record time or the coming gargantuan German factory for that matter," he added.