Chinese EV maker Xpeng secures $2 billion credit line to expand manufacturing
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.
The agreement was signed with Agricultural Bank of China , Bank of China, China Construction Bank, China CITIC Bank and Guangzhou Rural Commercial Bank.
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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.