GUANGZHOU, China–(BUSINESS WIRE)–$XPEV #EV–XPeng Inc. (�XPeng or the Company, NYSE: XPEV), a leading Chinese smart electric vehicle (Smart EV) company, announced it signed a strategic cooperation agreement with leading domestic banks at a signing ceremony held today in Guangzhou, China, pursuant to which it will secure a credit line of RMB12.8 billion with an extensive range of credit facilities (the Agreement).
Under the terms of the Agreement, five domestic commercial banks including the Agricultural Bank of China, the Bank of China, China Construction Bank, China CITIC Bank and Guangzhou Rural Commercial Bank, will provide credit facilities to support the Companys business operations and expansion of its manufacturing, sales and service capabilities. These facilities will help the Company optimize the efficiency of its cash management, cost control and other corporate functions.
The strategic cooperation with leading banks further diversifies The Companys funding channels, underscoring its solid business fundamentals and growth prospects.
The Company is developing rapidly following its successful $900 million pre-IPO fundraising and $1.7 billion IPO in August 2020.
Looking ahead, 2021 presents us with exciting opportunities. We believe the strategic collaboration with these leading financial institutions will enable us to further accelerate growth by building upon our core strengths. With our unwavering commitment to technology innovation and customer services, we look forward to bringing compelling EV experience tailored to our consumers, said He Xiaopeng, Chairman and CEO of the Company.
About XPeng
XPeng Inc. is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers mobility experience, XPeng develops in-house its full-stack autonomous driving technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/electronic architecture. XPeng is headquartered in Guangzhou, China, with offices in Beijing, Shanghai, Silicon Valley, and San Diego. The Companys Smart EVs are manufactured at plants in Zhaoqing and Zhengzhou, located in Guangdong and Henan provinces, respectively. For more information, please visit https://en.xiaopeng.com.
Contacts
For Media Enquiries:
Marie Cheung
XPeng Inc.
+852-9750-5170 or +86-1550-7577-546
mariecheung@xiaopeng.com
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