XPEV - XPeng secures RMB7.5B credit facilities for business operations and expansion in China

XPeng (NYSE:XPEV) has secured a comprehensive credit line of up to RMB7.5B from Agricultural Bank of China to support business operations and expansion in China. “We are very pleased with the Agreement, with terms demonstrating the financial institution’s strong trust in our solid business fundamentals and growth prospects. As we pursue rapid technology and product iterations, we will continue to strengthen our product competitiveness and bring compelling EV experience to our consumers,” said Mr. He Xiaopeng, Chairman and CEO of XPeng. These credit facilities will further diversify the company’s funding channels and help optimize the efficiencies in cash management, cost control and more corporate initiatives. Shares up 4.5% premarket.

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XPeng secures RMB7.5B credit facilities for business operations and expansion in China