JPMorgan Chase is demanding $162 million from Tesla as well as thousands of its shares

Banking giant JPMorgan Chase is expressing its dissatisfaction with Tesla’s progress and its foundering financial position, claiming in a securities filing late Friday that the electric car maker owes it $162 million. The ruling…

JPMorgan Chase is demanding $162 million from Tesla as well as thousands of its shares

Banking giant JPMorgan Chase is expressing its dissatisfaction with Tesla’s progress and its foundering financial position, claiming in a securities filing late Friday that the electric car maker owes it $162 million.

The ruling didn’t come as a huge surprise since as of earlier this week Tesla was in hot water with one of its biggest banks. Barclays Plc said Tesla owed it $255 million and was unlikely to be able to pay back the debt before June 2021. Tesla said the prediction of prolonged trouble with debt payments was “erroneous.”

The latest development from JPMorgan, which signed on to the loan agreement in 2015, marks the second time this week that one of Tesla’s biggest backers is voicing its concerns. France’s Société Générale warned in a quarterly report on Monday that the company might need to file for bankruptcy protection before the end of its financial year in the second quarter of 2021. The French bank also said it may cut its stake in Tesla from 15.2 percent.

The British bank said Tesla was hurting the risk profile of its financial position, and that prospects for growth remained unproven.

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