U.S. electric vehicle maker Tesla and a group of Chinese banks have agreed a new 10-billion-yuan (1.4 billion U.S. dollars), five-year loan facility for the automaker's Shanghai car plant, sources familiar with the matter told Reuters on Monday.

China Construction Bank (CCB), Agricultural Bank of China (ABC), Industrial and Commercial Bank of China (ICBC) and Shanghai Pudong Development Bank (SPDB) are among the banks which have agreed to give Tesla the financial support, a source said.

The Chinese banks earlier this year already offered Tesla a 12-month facility of up to 3.5 billion yuan, which is due to be repaid on March 4, 2020, according to a filing the automaker made to the U.S. Securities and Exchange Commission.

Tesla broke ground on the factory in January and has started producing vehicles from its Shanghai plant. It aims to build at least 1,000 Model 3 cars a week by the end of this year.

The factory, which is Tesla's first car manufacturing site outside the United States, is the centerpiece for boosting sales in the world's biggest auto market.

The Shanghai government also showed its support behind the Tesla project, which would be China's first wholly foreign-owned car plant.