(Bloomberg) -- Tesla Inc. confirmed it’s lined up 11.25 billion yuan ($1.6 billion) in financing from local banks for its Shanghai factory as it prepares to begin deliveries of China-made Model 3 sedans to local consumers.

The carmaker last week entered into a 9 billion yuan term loan facility secured by the plant and surrounding land, plus an unsecured revolving loan facility of up to 2.25 billion yuan, according to a regulatory filing.

Tesla shares finished up 1.3% to close at a record close of $430.94 on Thursday. Bloomberg News reported on the financing earlier this week.

To contact Bloomberg News staff for this story: Craig Trudell in New York at ctrudell1@bloomberg.net

To contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Dana Hull

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