Chinese EV maker Xpeng secures $2 billion credit line to expand manufacturing

The maker of the P7 sedan and the G3 sport-utility vehicle, Xpeng is planning to build a third car plant in China.The company, which sells mainly in China and competes with Tesla Inc and Nio Inc, delivered just over 27,000 vehicles last year.
By : Reuters
| Updated on: 12 Jan 2021, 10:12 AM
File image: Logo of EV startup Xpeng is seen on its car at the event. (REUTERS)
File image: Logo of EV startup Xpeng is seen on its car at the event. (REUTERS)
File image: Logo of EV startup Xpeng is seen on its car at the event. (REUTERS)
File image: Logo of EV startup Xpeng is seen on its car at the event.

Chinese electric vehicle maker Xpeng Inc said on Tuesday it has secured a credit line of 12.8 billion yuan ($2 billion) from five Chinese banks to expand manufacturing and sales.

New York-listed Xpeng, which has a market value of $35 billion, said the credit facility will diversify its funding channels.

The maker of the P7 sedan and the G3 sport-utility vehicle is planning to build a third car plant in China.

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The agreement was signed with Agricultural Bank of China , Bank of China, China Construction Bank, China CITIC Bank and Guangzhou Rural Commercial Bank.

(Also read | China's Xpeng delivers first batch of G3 electric crossovers to Norway)

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Xpeng, which sells mainly in China and competes with Tesla Inc and Nio Inc, delivered just over 27,000 vehicles last year.


First Published Date: 12 Jan 2021, 10:12 AM IST
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