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Tesla (TSLA) secures over $500 million for Gigafactory 3

The money could be enough for the first phase of Tesla’s factory in Shanghai, which the automaker wants to bring online by the end of the year and produce 3,000 Model 3 vehicles per week.

Ultimately, Tesla wants to grow the facility to a much higher capacity and it plans to spend about $2 billion to make it happen.

A previous report suggested that Tesla was in the process of borrowing $2 billion from Chinese banks to build Gigafactory 3.

Earlier this week, a government official said that the first phase of the Gigafactory 3 building could be ready by May.



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