Xpeng Secures $2 Billion Credit Line To Expand Manufacturing: Report

0
139
  • The agreement was signed with Agricultural Bank of China, Bank of China, China Construction Bank, China CITIC Bank and Guangzhou Rural Commercial Bank
  • In July last year, it announced the signing of its Series C+ financing of around $500 million. This round of investment included Aspex, Coatue, Hillhouse Capital, and Sequoia Capital China

As per a report by Reuters, Chinese electric vehicle maker Xpeng Inc said that it has secured a credit line of 12.8 billion yuan ($2 billion) from five Chinese banks to expand manufacturing and sales. It added that the company which has a market value of $35 billion, said the credit facility will diversify its funding channels.

The maker of the P7 sedan and the G3 sport-utility vehicle is planning to build a third car plant in China. The report added that the agreement was signed with Agricultural Bank of China, Bank of China, China Construction Bank, China CITIC Bank and Guangzhou Rural Commercial Bank

Series C+ financing of around $500 million

In July last year, it announced the signing of its Series C+ financing of around $500 million. This round of investment included Aspex, Coatue, Hillhouse Capital, and Sequoia Capital China.

The company said, “The signing of the Series C+ financing demonstrates investors’ confidence in the Company’s strategy, market positioning and its long-term vision as a leading Smart EV player in China.”

Previously, the company has received funding from Alibaba Group, Xiaomi Corporation, and other prominent institutional investors including IDG Capital, Morningside Venture Capital, GGV Capital, and Primavera Capital. The Company’s initial backers include its chairman and chief executive officer, Xiaopeng HE. He also served as the co-founder of UCWeb Inc. and is a former executive of Alibaba Group.

SHARE YOUR THOUGHTS & COMMENTS

Please enter your comment!
Please enter your name here

Are you human? *