XPeng grants 7.5 billion yuan credit line from Agricultural Bank of China

Shanghai (Gas Goo)- XPeng collaborates with Agricultural Bank of China (“ABC”) Guangdong branch on April 27 on a credit line of up to 7.5 billion yuan ($ 1.143 billion), the largest amount ABC has ever granted to NEV. Announced that it has signed an agreement. Startup in China.

Signing agreement for XPeng and ABC’s Guangdong branch. Photo provider: XPeng

Under the contract, the credit line will be used to support the operation and development of XPeng’s automotive business. The final move represents mutual trust between the parties and ABC’s high awareness of XPeng’s industrial status and development prospects.

XPeng said the newly granted credit line is critical to improving cash utilization and cost control and will help XPeng’s long-term sustainable development.

The Guangzhou-based automaker delivered a total of 15,414 vehicles in March 2022. This is a 202% increase over the previous year and a 148% increase from the previous month. Monthly sales are the third highest since the start of delivery.

In particular, monthly shipments of P7 sedans reached 9,183 units in March, surpassing 9,000 units for the first time.

Total deliveries in the first quarter of 2022 were 34,561 units, an increase of 159% year-on-year, consisting of 19,427 P7s, 10,486 P5s and 4,648 G3s and G3i SUVs.

https://ift.tt/okmvVbY XPeng grants 7.5 billion yuan credit line from Agricultural Bank of China

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