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Technology

Tesla secures $565m loan from Chinese bank for Shanghai plant

US electric-car maker still not cleared to reopen California factory

Tesla CEO Elon Musk speaks next to a screen showing an image of a Model 3 car at a ceremony held in Shanghai on Jan. 7.   © Reuters

PALO ALTO, U.S. -- Tesla has entered into an agreement with a Chinese bank for an unsecured revolving-loan facility of up to 4 billion yuan ($565 million), according to a regulatory filing Friday.

The credit line will be used for "continued expansion of production at Gigafactory Shanghai," the American electric-car manufacturer said in the filing.

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