Tesla has paid back $1.4 billion in loans it took out to build the Gigafactory in Shanghai, China, according to media reports.
Tesla officially paid off its entire $1.4 billion loan in just 16 months, according to documents posted on Twitter by one user.
The loan was announced in December 2019 and, according to Reuters, was provided by a number of banks, including China Construction Bank, Agricultural Bank of China, Industrial and Commercial Bank of China and Shanghai Pudong Development Bank. As of Tesla's financial filings for the second quarter of 2021, the loan appears to have disappeared.
Tesla's CEO later indirectly confirmed the news by tweeting, "Tesla always pays its debts."
Tesla has a reputation for repaying loans, and in May 2013, the then-Tesla Motors announced that it had repaid a huge LOAN from the U.S. Department of Energy, sending its last wire transfer worth $451.8 million on May 22. Tesla repaid the loan nine years early.