China Doubles Down On Electric Cars With $2 Billion Credit To Xpeng
01/12/21 AT 12:45 PM
Chinese electric car manufacturer Xpeng has received almost $2 billion in credit from banks, including several backed by the state, the company announced Tuesday. The Alibaba-backed startup aims to step up its production of more affordable electric cars.
Three of China’s “big five” banking institutions were among those who approved Xpeng’s credit line, namely Bank of China, China Construction Bank, and Agricultural Bank of China, CNBC reports.
Though Xpeng hasn’t been hurting for cash since raising over $4 billion from investors last year in two offerings on the New York Stock Exchange, its production has lagged behind that of high-end competitor Nio. Nio delivered 43,700 cars in 2020 compared to Xpeng’s 27,000.