Tesla are set to open their first car plant in Shanghai, supported by finance from banks within China. The new construction will supply the Asian market specifically with models that are most popular with Chinese buyers. The American company will benefit from cost reductions as they will no longer have to pay import fees on automobiles entering China. Tesla has partnered with Chinese lenders in order to take its manufacturing into the largest global automobile market, with the deals rumoured to be worth 10 billion Chinese Yuan. Inside sources have revealed that a portion of the funds will be used by Tesla to repay debt to China, with a 3.5 billion Chinese Yuan payment set for March 2020.