American electric car maker Tesla recently filed with the U.S. Securities and Exchange Commission, stating that the company reached agreements with Chinese lenders who will offer up to CNY9 billion, which is about USD1.29 billion, secured term loan.

Tesla said that they also signed an unsecured revolving loan agreement up to CNY2.25 billion. Both loans will be used in the construction development of its Shanghai super factory.

It is said that China Construction Bank, Agricultural Bank of China, Shanghai Pudong Development Bank, and Industrial and Commercial Bank of China offered the loans to Tesla.

According to the file, Tesla signed the load agreement with the four banks on December 18, 2019. Based on fixed asset financing mechanism, Tesla Shanghai will be able to withdraw guaranteed regular financing funds irregularly in a three-year period and the total amount will be no more than CNY9 billion.

As a matter of fact, this is not the first time for Chinese banks to offer loans to Tesla. In March 2019, those banks already offered CNY3.5 billion to Tesla, which was also used in the construction of the Shanghai super factory. The loan will due on March 4, 2020.