This is the latest FORM 8K provide by Tesla Inc. on May 8th 2020
"On May 7, 2020, as part of Tesla, Inc.’s (“Tesla”) continued expansion of production at Gigafactory Shanghai, Tesla (Shanghai) Co., Ltd. (“Tesla Shanghai”), a subsidiary of Tesla, entered into a Working Capital Loan Contract (the “2020 Working Capital Facility”) with Industrial and Commercial Bank of China Limited, China (Shanghai) Pilot Free Trade Zone Special Area Branch, as lender (“Lender”). Under the 2020 Working Capital Facility, Tesla Shanghai may draw funds from time to time on an unsecured revolving facility of up to a total of RMB 4.0 billion (or the equivalent amount drawn in U.S. dollars). The proceeds of such loans may be used only for expenditures related to production at our Gigafactory Shanghai. The 2020 Working Capital Facility will terminate and all outstanding loans will mature on the first anniversary of the first borrowing under the loan, and the 2020 Working Capital Facility is non-recourse to Tesla or its assets.
Outstanding borrowings pursuant to the 2020 Working Capital Facility accrue interest at a rate equal to: (i) for RMB-denominated loans, the market quoted interest rate published by an authority designated by the People’s Bank of China minus 0.35%, and (ii) for U.S. dollar-denominated loans, the sum of one-year LIBOR plus 0.8%. Tesla Shanghai is subject to certain covenants, including a restriction on liens and other security interests on inventory and accounts receivable, other than specified exceptions, as well as certain customary covenants and events of default.
The Lender is also a lender under (i) the Syndication Revolving Loan Agreement and (ii) the Fixed Asset Syndication Loan Agreement, each dated December 18, 2019, with Tesla Shanghai, which are separate from the 2020 Working Capital Facility.
Item 2.03Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant."