American automotive and energy company, Tesla Inc, signed a loan agreement with several Chinese financial organizations, according to which it will take $1.29 billion (9 billion yuan), the Reuters news agency reported citing the company's regulatory filing.
Under another agreement, up to $0.3 billion (2.25 billion yuan) are to be granted to the electronic car maker to be used for the Shanghai factory.
The loan may also be applied for the settlement of the $0.5 billion (3.5 billion yuan) debt which is slated to be paid on 4 March 2020, Reuters said.
According to the filing, the Chinese lenders are China Construction Bank Corp, Agricultural Bank of China, Shanghai Pudong Development Bank and Industrial and Commercial Bank of China.