Tesla has paid off six loans so far in 2021, which equates to more than $ 1 billion in debt that has been written off from the company’s financial statements. The automaker, which reached a valuation of over $ 1,000 billion yesterday, detailed the repayment of these loans in a 10-Q filing with the SEC.
Tesla’s total loan repayment in 2021 stands at $ 1.087 billion, according to information released by the automaker in 10-Q. The company has taken out loans from several entities to help finance the construction and development of several projects around the world, including a massive $ 614 million loan from numerous Chinese banks to build Gigafactory Shanghai and a loan of 321 million. million dollars for notes backed by solar assets, both being repaid.
Solar Asset Backed Notes and Solar Loan Backed Notes
In October 2021, Tesla prepaid the substantial sum of these two loans, which total $ 374 million. The $ 321 million loan was prepaid and applied to the solar asset-backed notes, while the $ 53 million loan was also prepaid and applied to the solar loan-backed notes.
China loan agreements
In April 2021, Tesla fully repaid a massive $ 614 million in total principal on its second term loan facility as part of the Gigafactory Shanghai construction. This applied to the “Fixed Asset Facility” and Tesla was terminated. That loan was actually $ 1.4 billion in total when it was funded in December 2019. CEO Elon Musk said, “Tesla is still paying its debts.”
Elon Musk confirms Tesla’s $ 1.4 billion loan to Giga Shanghai prepaid
Additionally, in June 2021, Tesla’s working capital contract loan agreement, which it entered into in May 202, expired and was also terminated.
Solar term loan
In January 2021, Tesla paid off its matured solar term loan in full, but did not give details of the amount.
Auto lease-backed credit facilities
In June 2021, Tesla fully repaid $ 32 million in total principal on its auto lease-backed credit facilities, terminating one of the facilities, the company wrote.
Solar revolving credit facility and other loans
Tesla fully repaid a $ 67 million solar revolving loan loan in April 2021. The loan was terminated.
Tesla still has debts, but some could be repaid with the $ 4.3 billion it just got from an order for 100,000 Model 3s from Hertz. According to the 10-Q, Tesla has $ 1.207 billion in debt right now, with $ 5.439 billion in the long run.
Do not hesitate to contact us for advice! Write to us at [email protected], or you can email me directly at [email protected].