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Tesla Inc. climbed above $420 for the first time Monday as fresh financing arranged from banks in China added to optimism supporting a months-long rally.

The electric-car maker’s stock rose as much as 3.7% to $420.42, extending a streak of gains to a fifth day. Tesla is said to have lined up more than 10 billion yuan ($1.4 billion) in financing from local banks for its Shanghai factory as it prepares to begin deliveries of China-made Model 3 sedans in the country. An announcement will probably be made as soon as this week, according to a person familiar with the matter.

Investors will remember $420 as the value at which Chief Executive Officer Elon Musk claimed Tesla would go private last year.

With assistance from Dana Hull.

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