Xpeng Inc: Rises as co secures $2 bln credit from banks

Guangzhou Rural Commercial Bank

12/01/2021 10:36

** Shares of Chinese electric-vehicle maker  XPEV.N  up 5.3%
at $46.73 premarket
    ** Co says it secured credit line of 12.8 bln yuan ($1.98
bln) from 5 Chinese banks to expand manufacturing and sales
activities  urn:newsml:reuters.com:*:nL1N2JN06I
    ** Banks include Agricultural Bank of China  601288.SS ,
Bank of China  601988.SS , China Construction Bank  601939.SS ,
China CITIC Bank  601998.SS  and Guangzhou Rural Commercial Bank
 1551.HK 
    ** XPEV is planning to build third car plant in China 
    ** Avg. rating of 10 analysts on XPEV stock is "buy", their
median PT is $55.55
    ** As of last close, stock up nearly three-fold from its IPO
price of $15 on Aug. 27
     
($1 = 6.4588 Chinese yuan renminbi)

 (Reporting by Eva Mathews in Bengaluru)
 ((eva.mathews@thomsonreuters.com))