REUTERS
Chinese electric-vehicle maker Xpeng Inc. has signed an agreement with banks for a 12.8 billion yuan ($2 billion) line of credit.
Agricultural Bank of China Ltd., Bank of China Ltd., China Construction Bank Corp., China Citic Bank Corp. and Guangzhou Rural Commercial Bank Co. will provide the facilities to support Xpeng’s business and help expand its manufacturing, sales and service capabilities, the company said in a statement Tuesday.
Like other Chinese EV makers Nio Inc. and Li Auto Inc., Xpeng has captured investors’ imagination. Its shares, sold for $15 in the U.S. in August last year, are currently trading at $44.36. It raised $900 million before its initial public offering and $1.7 billion during its share sale.