XPeng Inks Strategic Cooperation Agreement with Banks for RMB12.8 Billion Credit Facilities
January 11 2021 - 10:45PM
Business Wire
XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV), a leading
Chinese smart electric vehicle (“Smart EV”) company, announced it
signed a strategic cooperation agreement with leading domestic
banks at a signing ceremony held today in Guangzhou, China,
pursuant to which it will secure a credit line of RMB12.8 billion
with an extensive range of credit facilities (the “Agreement”).
Under the terms of the Agreement, five domestic commercial banks
including the Agricultural Bank of China, the Bank of China, China
Construction Bank, China CITIC Bank and Guangzhou Rural Commercial
Bank, will provide credit facilities to support the Company’s
business operations and expansion of its manufacturing, sales and
service capabilities. These facilities will help the Company
optimize the efficiency of its cash management, cost control and
other corporate functions.
The strategic cooperation with leading banks further diversifies
The Company’s funding channels, underscoring its solid business
fundamentals and growth prospects.
The Company is developing rapidly following its successful $900
million pre-IPO fundraising and $1.7 billion IPO in August
2020.
- In December 2020, the Company completed its first public
follow-on offering, raising approximately $2.5 billion.
- In November 2020, the Company’s second manufacturing base broke
ground in Guangzhou, making it the first Chinese start-up EV maker
with two self-owned factories.
- XPeng’s physical sales & service network has expanded into
58 cities with 116 retail sales stores and 50 service centers, as
of September 30, 2020.
- The number of XPeng-branded supercharging stations has expanded
to 135, covering 50 cities, as of September 30, 2020.
- Free supercharging services are provided to XPeng customers at
670 supercharging stations across 100 Chinese cities, since the
free-to-use supercharging program was launched in September
2020.
- The Company delivered a total of 27,041 vehicles in 2020 with a
fast-growing customer base that has reached over 40,000.
- The Company’s third production model – a new Smart EV sedan
slated for official launch and customer delivery in 2021 – will be
equipped with lidar technology, representing a major breakthrough
in the mass production deployment of the cutting-edge autonomous
driving technology.
- In December 2020, the Company delivered the first batch of 100
G3 smart SUVs to customers in Norway, representing a milestone for
its international business.
“Looking ahead, 2021 presents us with exciting opportunities. We
believe the strategic collaboration with these leading financial
institutions will enable us to further accelerate growth by
building upon our core strengths. With our unwavering commitment to
technology innovation and customer services, we look forward to
bringing compelling EV experience tailored to our consumers,” said
He Xiaopeng, Chairman and CEO of the Company.
About XPeng
XPeng Inc. is a leading Chinese smart electric vehicle 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
autonomous driving 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 offices in Beijing, Shanghai, Silicon
Valley, and San Diego. The Company’s Smart EVs are manufactured at
plants in Zhaoqing and Zhengzhou, located in Guangdong and Henan
provinces, respectively. For more information, please visit
https://en.xiaopeng.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210111006115/en/
For Media Enquiries: Marie Cheung XPeng Inc.
+852-9750-5170 or +86-1550-7577-546 mariecheung@xiaopeng.com
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