- China CITIC Bank will grant Xpeng a credit facility of RMB 10 billion ($1.4 billion) to support the company's business operations and development.
- Xpeng delivered 18,701 vehicles overseas in the first half of this year, a year-on-year increase of 217 percent.
Xpeng (NYSE: XPEV) has secured a large credit facility from a major Chinese bank, paving the way for further business expansion.
China CITIC Bank Guangzhou Branch will grant Xpeng a credit facility of RMB 10 billion ($1.4 billion) to support the company's business operations and development, according to a statement released today.
Xpeng's vice chairman and co-president Brain Gu and Xue Fengqing, president of China CITIC Bank Guangzhou Branch, attended a signing ceremony for a strategic cooperation agreement.
The credit facility is significant for Xpeng's cash utilization efficiency and settlement cost management optimization, the electric vehicle (EV) maker said.
This is a deepening of the cooperation between the two sides and a high recognition of Xpeng's strength and development prospects, the company said.
Xpeng's statement did not mention any further details about the credit facility.
As of July, Xpeng has delivered over 30,000 vehicles for nine consecutive months, the company emphasized.
In overseas markets, Xpeng also maintained strong growth momentum. In the first half of this year, the company delivered 18,701 vehicles in overseas markets, up 217 percent year-on-year, it said.
Xpeng has entered 46 countries and regions and ranks among the top six global pure electric vehicle brands in terms of sales, it said.
The company delivered 233,906 vehicles in the first seven months of the year, up 270.26 percent year-on-year, according to data compiled by CnEVPost.
Xpeng aims to double its deliveries in 2025 compared to 2024. In the first half of this year, its deliveries reached 197,189 units, exceeding its total deliveries for the whole of 2024, which stood at 190,068 units.
It will announce its unaudited financial results for the second quarter of 2025 before the opening of US stock markets on Tuesday, August 19.
($1 = RMB 7.1786)
Correction: The figure in the excerpt should be RMB 10 billion. An earlier version incorrectly stated RMB 1 billion.
