The Chinese electric car manufacturer Xpeng receives a credit line of up to 7.5 billion yuan from the Agricultural Bank of China for the further expansion of its business activities.
The money is to be used to support the manufacturer's growth, according to a Chinese press release from the Agricultural Bank of China (ABC) quoted by the portal "CN EV Post". The growth is also to take place increasingly abroad. Only in March, Xpeng had pushed its expansion in Europe with the market launch of its e-limousine P5 in Denmark, the Netherlands, Norway and Sweden.
Not only is it a big loan for the automaker, but ABC also states that it is the largest credit line granted to a Chinese automaker to date. The importance and "high recognition of the bank for Xpeng's industry position and development prospects" was also evident from the fact that the signing ceremony was personally attended by the president of ABC's Guangdong branch, Zhu Zhenggang.
"We are very pleased with the agreement, the terms of which demonstrate the financial institution's strong confidence in our solid business fundamentals and growth prospects," said He Xiaopeng, founder of Xpeng. "As we pursue rapid technology and product iterations, we will further strengthen the competitiveness of lower-end products and provide a compelling EV experience for our consumers."