Chinese electric vehicle maker Xpeng secures $2 bln credit line to expand manufacturing

Guangzhou Rural Commercial Bank

12/01/2021 03:45

BEIJING, Jan 12 (Reuters) - Chinese electric vehicle maker
Xpeng Inc  XPEV.N  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
 601288.SS   1288.HK , Bank of China  3988.HK  601988.SS , China
Construction Bank  0939.HK  601939.SS , China CITIC Bank
 601998.SS  and Guangzhou Rural Commercial Bank  1551.HK .
    Xpeng, which sells mainly in China and competes with Tesla
Inc  TSLA.O  and Nio Inc  NIO.N , delivered just over 27,000
vehicles last year. 
    
($1 = 6.4716 Chinese yuan)

 (Reporting by Yilei Sun and Brenda Goh; Editing by Edwina
Gibbs)
 ((Y.Sun@thomsonreuters.com; +86 10 66271262; Reuters Messaging:
y.sun.thomsonreuters.com@reuters.net))