Tesla Inc. climbed above US$420 for the first time Monday as fresh financing arranged from banks in China added to optimism supporting a months-long rally.

The electric-car maker’s stock rose as much as 3.7 per cent to US$420.42, extending a streak of gains to a fifth day. Tesla is said to have lined up more than 10 billion yuan (US$1.4 billion) in financing from local banks for its Shanghai factory as it prepares to begin deliveries of China-made Model 3 sedans in the country. An announcement will probably be made as soon as this week, according to a person familiar with the matter.

Investors will remember US$420 as the value at which Chief Executive Officer Elon Musk claimed Tesla would go private last year.

--With assistance from Dana Hull.