Tesla has fully drawn down its China Working Capital Facility to $5.8 billion, according to its Q1 2026 10-Q filing — a 35% increase in a single quarter. The facility, which didn’t exist two years ago, now represents 64% of all Tesla’s non-recourse debt. The company tapped every available dollar from the Chinese credit line while sitting on $44.7 billion in cash and short-term investments in the US — and while its retail sales in China crashed 16% year-over-year . more…

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