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Chinese electric vehicle manufacturer Xpeng Inc (NYSE: XPEV), on Monday, announced securing a line of credit from five domestic commercial banks in an event in Guangzhou, China. The new credit agreement will not only aid with the working capital management but also optimize cost control.
What Happened: As a part of the agreement, Xpeng will have access to RMB 12.8 billion, or roughly $1.98 billion, as an extensive credit facility to support and expand operations.
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The agreement is signed with the Agricultural Bank of China, the Bank of China, China Construction Bank, China CITIC Bank, and Guangzhou Rural Commercial Bank.
In the second week of December, the EV maker announced that a follow-on public offering by the sale of 55.2 million ADS raised $2.5 billion.
Why Does It Matter: Xpeng is the only Chinese electric vehicle manufacturer with two self-owned factories. In 2020, vehicle deliveries peaked at 27,041 units, whereas its customer base has crossed the 40,000 milestones. These deliveries also include 100 G3 smart SUV vehicles dispatched to Norway.
Last week, the automaker shared a peek into its upcoming smart EV sedan model equipped with LiDAR — a technology used for autonomous vehicles and is expected to be released in 2021.
Xpeng’s IPO in August generated $1.7 billion, and the stock has gained approximately 109% to date.
Price Action: XPEV shares are trading higher by 4.76% at $46.47 in the pre-market session on the last check Tuesday.
Click here to check out Benzinga’s EV Hub for the latest electric vehicles news
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Image Courtesy: Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.