Automotive Author: Fuller Wang, BusinessWire Apr 27, 2022 04:05 PM (GMT+8)

The strategic agreement was signed with the ABC Guangdong Branch, featuring the largest credit limit granted to an emerging Chinese automaker by the ABC.

XPeng

XPeng (XPEV: NYSE, 9868: HK), 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 CNY 7.5 billion for its subsidiaries and affiliates in China. 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.

He Xiaopeng, Chairman and CEO of XPeng stated that they are very pleased with the agreement, with terms demonstrating the financial institution’s strong trust in XPEV's solid business fundamentals and growth prospects. As the company pursues rapid technology and product iterations, it will continue to strengthen our product competitiveness and bring a compelling EV experience to China and overseas consumers.

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 CNY 20 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.

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