XPeng Signs Strategic Cooperation Agreement with Agricultural Bank of China, Securing RMB7.5 Billion Credit Facilities
April 27 2022 - 3:54AM
Business Wire
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.
About XPeng
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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For Media Enquiries:
Marie Cheung Tel: +852-9750-5170 / +86-1550-7577-546 Email:
mariecheung@xiaopeng.com
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