Tesla’s China revenue of $2,979 million last year, up 69.55 percent from a year earlier

Revenue in China in 2019 was $2,979 million, up 69.55 percent from a year earlier, according to a 10-K filing with the Securities and Exchange Commission today. Tesla’s revenue in China last year was $2.979 billion, up 69.55 percent from $1.757 billion in 2018, the documents show. By comparison, Tesla’s revenue in the U.S. was $12.653 billion last year, down 15 percent from $14.872 billion in 2018.

Tesla's China revenue of $2,979 million last year, up 69.55 percent from a year earlier

Tesla also said in the filing that China is the world’s largest electric car market, and that locally manufactured cars are critical to Tesla’s expansion and sales in the Chinese market. Currently, Tesla’s Shanghai plant has an annual capacity of 150,000 Model 3s. But Tesla says the final actual production will exceed that figure.

In March 2019, a Tesla subsidiary reached a loan agreement with a Chinese syndicate to provide bridge loans for construction and production-related expenses at the Shanghai plant, the documents show. The loan agreement expires in December 2019.

In September 2019, a Tesla subsidiary struck a loan agreement with chinese borrowers to provide up to Rmb5bn (or equivalent) in a 12-month unsecured revolving loan to finance vehicles destined for China.

In December 2019, a Tesla subsidiary signed a Rmb9bn guaranteed term loan agreement and rmb2.25bn in unsecured revolving loan agreements with Chinese lenders.