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Tesla Inc. secured as much as $521 million in loans from Chinese banks to build a vehicle and battery factory in the country, putting the carmaker a step closer to producing Model 3 sedans at its first overseas plant.

Investors should keep their expectations about Tesla Inc.’s ability to operate profitably in China “very low,” Morgan Stanley analyst Adam Jonas wrote in a note, adding that he’s cautious about the country’s role in the carmaker’s long-term strategy and fundamental value.

Tesla Inc. CEO Elon Musk caught many employees by surprise with his announcement last week that the electric-car maker would close most stores and shift to online-only sales, according to three people familiar with the matter.

Elon Musk said March 3 that Tesla will unveil its Model Y crossover in less than two weeks, as questions about store closures, employee layoffs and demand in the wake of waning U.S. federal tax credits threaten the company’s growth narrative.

Tesla said Feb. 28 it will close “many” of its stores and shift to online-only sales after announcing that its long-awaited $35,000 Model 3 is available for purchase.

Elon Musk is facing a new round of regulatory trouble for tweets about Tesla Inc., raising fresh concerns about the chief executive officer’s ability to keep his impulses in check and responsibly run a public company.

Tesla Inc.’s Model 3 sedan took command of the global electric-car market last year, outselling the nearest competitor by about 50%.

Tesla Inc.’s Model 3 lost a coveted recommendation from Consumer Reports, dropping its brand from the top 10 of the magazine’s closely watched annual ranking. The electric-car maker’s shares dropped.

Elon Musk said Tesla Inc. will make about 500,000 cars this year, a prediction that’s difficult to gauge given the CEO’s proclivity for setting stretch goals.

Tesla Inc. is loading as many Model 3 sedans as it can onto vessels destined for the People’s Republic ahead of March 1, when a trade-war truce between presidents Donald Trump and Xi Jinping is scheduled to expire.