XPeng granted 7.5 billion yuan of credit line by Agricultural Bank of China

Shanghai (Gasgoo)- XPeng announced on April 27 it has signed a cooperation agreement with the Guangdong branch of Agricultural Bank of China (“ABC”) for a credit line worth up to 7.5 billion yuan ($1.143 billion), the biggest amount ABC has ever granted to an NEV startup in China.

XPeng, ABC's Guangdong branch signing agreement; photo credit: XPeng

Under the agreement, the credit line will be used to support the operation and development of XPeng’s automotive business. The lastest move signifies the mutual trust between the two parties and ABC’s high recognition of XPeng’s industrial position and development prospect.

XPeng said the newly-granted credit line is of great importance to the improvement of its cash utilization efficiency and cost management, and will be conducive to XPeng’s long-term sustainable development.

The Guangzhou-based automaker delivered a total of 15,414 vehicles in March 2022, representing a 202% increase year-over-year and a 148% increase from the previous month. The monthly sales volume is the third highest since it started deliveries.

Notably, monthly delivery of the P7 sedan reached 9,183 units in March, for the first time exceeding 9,000 units.

Total deliveries for the first quarter of 2022 amounted to 34,561 vehicles, a 159% increase year-over-year, consisting of 19,427 P7s, 10,486 P5s and 4,648 G3 and G3i SUVs.