【Summary】Chinese electric vehicles startup Xpeng Inc. announced on Tuesday that it secured a $2 billion (12.8 billion yuan) line of credit from five state-owned Chinese banks. The startup electric automaker will use the funds to expand its operations as it looks to take on Tesla in its home country. FutureCar Staff Jan 12, 2021 10:50 AM PT author: FutureCar Staff
The Xpeng P7 sedan, which launched in 2020, is a more affordable alternative to the more expensive Tesla Model S in China.
Electric automaker Tesla receives most of the attention in the U.S. and around the world as a leading electric vehicle maker. But in China, which is the world s biggest auto market, new electric vehicle startups are emerging as strong competitors to Tesla, including Xpeng Inc. (Xpeng) and NIO Inc.