XPeng Signs Strategic Cooperation Agreement with Agricultural Bank of China, Securing RMB7.5 Billion Credit Facilities

ByThomas L. Elston

Apr 30, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,


GUANGZHOU, China, April 27, 2022–(Company WIRE)–XPeng Inc. (“XPeng” or the “Business”, NYSE: XPEV and HKEX: 9868), a top Chinese wise electric powered car or truck organization, currently introduced that it has signed a strategic cooperation agreement with the Agricultural Lender of China (“ABC”) Guangdong Department, pursuant to which the Business will safe a detailed credit rating line of up to RMB7.5 billion for its subsidiaries and affiliates in China (the “Settlement”).

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XPeng inks strategic agreement with Agricultural Lender of China, Guangdong Branch, securing RMB7.5 billion credit score services (Photograph: Small business Wire)

Below the terms of the Agreement, the ABC Guangdong Department will provide an extensive variety of credit score services to assistance the Company’s business functions and expansion in China.

“We are incredibly delighted with the Agreement, with terms demonstrating the economic institution’s potent have faith in in our good small business fundamentals and advancement prospective clients. As we pursue speedy technology and product or service iterations, we will go on to fortify our item competitiveness and deliver powerful EV expertise to our customers,” claimed Mr. He Xiaopeng, Chairman and CEO of XPeng.

This credit score line, featuring the premier credit score restrict granted to an rising Chinese automaker by the ABC, is a powerful testament to XPeng’s management situation in the Smart EV sector as XPeng is fully commited to the approach of in-property entire-stack R&D improvement. These credit services less than the Agreement will further diversify the Company’s funding channels and assistance enhance the efficiencies in cash administration, price tag manage and a lot more corporate initiatives.

In 2021, XPeng delivered 98,155 smart EVs, a 263% maximize in contrast with 2020, producing it the top rated-rated rising Chinese EV maker of the yr. The Company’s complete revenue exceeded RMB20 billion in 2021, a 259% improve in comparison with 2020. In spite of the difficult industry ailments, 34,561 good EVs were sent in Q1 2022, a 159% improve 12 months-more than-calendar year.

About XPeng

XPeng is a major Chinese Sensible EV company that types, develops, manufactures, and marketplaces Clever EVs that attraction to the huge and escalating foundation of technological know-how-savvy center-course shoppers in China. Its mission is to push Sensible EV transformation with technologies and facts, shaping the mobility experience of the long term. In get to improve its customers’ mobility practical experience, XPeng develops in-household its comprehensive-stack advanced driver-assistance system engineering and in-vehicle intelligent operating process, as perfectly as core auto methods including powertrain and the electrification/digital architecture. XPeng is headquartered in Guangzhou, China, with most important offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Wise EVs are mainly made at its plant in Zhaoqing, Guangdong province. For far more data, be sure to go to https://heyxpeng.com.

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