(Yicai Global) Jan. 12 -- Xpeng Motors has secured a CNY12.8 billion (USD2 billion) line of credit with five Chinese lenders to support the electric carmaker’s production, operations and sales.
Xpeng signed an agreement with branches of Agricultural Bank of China, Bank of China, China Construction Bank, China Citic Bank, and Guangzhou Rural Commercial Bank in Guangdong province, the Guangzhou-based startup said in a statement posted on its website today.
“We believe the strategic collaboration with these leading financial institutions will enable us to further accelerate growth by building upon our core strengths,” founder and Chief Executive He Xiaopeng said.
Xpeng banked USD1.7 billion from an initial public offering in New York last August before raising another USD2.5 billion from an additional share offer just last month.
Together, China’s new energy vehicle makers landed more than CNY100 billion (USD15.5 billion) in funding in a single year for the first time last year, marking a nearly a 160 percent increase on 2019, according to a recent report by business information platform Qcc.
Formed in 2014, Xpeng delivered its first mass-produced model in 2018. The company has delivered more than 40,000 units so far and opened 116 sales outlets and 50 services outlets in 58 cities, according to new figures released today.
Shares of Xpeng [NYSE: XPEV] fell 2.4 percent yesterday to close at USD44.36 each, valuing the carmaker at USD35 billion.
Editor: Peter Thomas