The fresh backing comes from some of the biggest names in finance, including Goldman Sachs, JPMorgan Chase, Morgan Stanley, and others, according to Fortune. Tesla can borrow and pay back the money as it needs the funds, but the loans must be repaid in five years. The automakers assets are backing up the credit.
With so much work to be done, Tesla reportedly plans to spend $1.5 billion in 2015 alone, according to Fortune. The automaker is no stranger to paying back loans, though. In 2013, the company paid back the $465 million borrowed from the Department of Energy early and with interest.