Early this year, Tesla got an offer from Chinese banks for a 12-month facility of up to 3.5 billion yuan. Now the electric vehicle automaker and a group of Chinese banks agreed on a new 10 billion yuan ($1.4 billion) for a five-year loan.

The loan will assist the construction of Tesla Gigafactory 3 in Shanghai and to pay the off previous loan. The loan´s interest rate will be pegged at 90% of China´s one-year benchmark interest rate.

The Gigafactory 3 will be China´s first fully foreign-owned car plant, and Tesla plans to build at least 1,000 Model 3 cars a week by the end of the year.

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