The company broke ground on the factory in January. A Shanghai city government official said on Wednesday the factory is expected to be completed in May.

Tesla has said that the Gigafactory will cost around US$2 billion.

In its filing, Tesla said it had amended its asset-backed lending credit agreement with a syndicate of banks, increasing revolving commitments by US$500 million to a total of US$2.425 billion, while extending the maturity date of the agreement by three years.

The credit agreement is secured by part of Tesla’s accounts receivable, inventory and equipment. Tesla borrowed US$431.0 million under the agreement in 2018.

The amendment also doubled the letter of credit subfacility to US$400 million from US$200 million.

Producing cars in China is likely to help the company minimize the impact of the US-China trade war, which has forced Tesla to adjust prices of its US-made cars in China.

Keeping prices in check will also help Tesla fend off competition from a swathe of domestic electric vehicle startups such as Nio, Byton and XPeng Motors.