As TheStreet.com reports the following.
To begin, Electric carmaker Tesla Motors (TSLA – Get Report) said Thursday it signed an agreement with lenders. All at Bank of China for a 12-month credit loan. It’s up to 3.5 billion yuan, or about $521 million. This is for the company’s Gigafactory in Shanghai. This gigafactory for Tesla Motors is therefore to build batteries for the Model S, 3, X and now Y vehicles.
So immediately, Tesla Inc broke ground on the factory.
Most interestingly and according to SEC documents, Tesla has until March 4, 2020 to pay up!