Tesla Adds $500 Million to Warehouse Loan Agreement

Tesla (TSLA)  increased its warehouse loan agreement with Deutsche Bank and other lenders by $500 million to $1.1 billion, according to a filing with the Securities and Exchange Commission Friday. 

The move comes as the electric car maker, founded by Elon Musk, continues to ramp spending to boost production of its Model 3 electric vehicle, as well as battery and solar roof output from its so called gigafactories near Reno, Nev. and Buffalo, N.Y.

Warehouse loan agreements are a tool used to help finance inventory.

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