XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle company, today announced that it has signed a strategic cooperation agreement with the Agricultural Bank of China (“ABC”) Guangdong Branch, pursuant to which the Company will secure a comprehensive credit line of up to RMB7.5 billion for its subsidiaries and affiliates in China (the “Agreement”).
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XPeng inks strategic agreement with Agricultural Bank of China, Guangdong Branch, securing RMB7.5 billion credit facilities (Photo: Business Wire)
Under the terms of the Agreement, the ABC Guangdong Branch will provide an extensive range of credit facilities to support the Company’s business operations and expansion in China.
“We are very pleased with the Agreement, with terms demonstrating the financial institution’s strong trust in our solid business fundamentals and growth prospects. As we pursue rapid technology and product iterations, we will continue to strengthen our product competitiveness and bring compelling EV experience to our consumers,” said Mr. He Xiaopeng, Chairman and CEO of XPeng.
This credit line, featuring the largest credit limit granted to an emerging Chinese automaker by the ABC, is a strong testament to XPeng’s leadership position in the Smart EV sector as XPeng is committed to the strategy of in-house full-stack R&D development. These credit facilities under the Agreement will further diversify the Company’s funding channels and help optimize the efficiencies in cash management, cost control and more corporate initiatives.
In 2021, XPeng delivered 98,155 smart EVs, a 263% increase compared with 2020, making it the top-ranked emerging Chinese EV maker of the year. The Company’s total revenue exceeded RMB20 billion in 2021, a 259% increase compared with 2020. Despite the challenging market conditions, 34,561 smart EVs were delivered in Q1 2022, a 159% increase year-over-year.
XPeng is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPeng develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/electronic architecture. XPeng is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Smart EVs are mainly manufactured at its plant in Zhaoqing, Guangdong province. For more information, please visit https://heyxpeng.com.
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