Chinese Electric-Car Maker Xpeng Gets $2 Billion Credit Line
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The Xpeng P7 electric vehicle outside the New York Stock Exchange in August, 2020.
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Chinese electric-car 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.