XPeng Inc. (NYSE: XPEV) has confirmed the strategic cooperation with the Agricultural Bank of China (ABC) Guangdong Branch, in accordance with which the Company will earn a comprehensive credit line of around RMB7.5 billion for its units and partners in China. As per the Agreement, the ABC Guangdong Branch will offer a broad range of credit facilities to back the Company’s business operations and expansion in China.
The credit line, which includes the greatest credit limit awarded by the ABC to an emerging Chinese manufacturer, demonstrates XPeng's leadership position in the Smart EV industry, as well as the company's commitment to in-house full-stack R&D development. These loan facilities under the Agreement will help the Company diversify its funding channels and improve cash management, cost control, and other corporate activities.
Furthermore, XPeng provided 98,155 smart EVs in 2021, a 263 percent growth over 2020, earning it the year's top-ranked emerging Chinese EV manufacturer. In 2021, the Company's total revenue surpassed RMB20 billion, a 259 percent increase over 2020. Despite the difficult market conditions, 34,561 smart EVs were supplied in Q1 2022, a 159 percent increase from the previous quarter.
Additionally, "We are delighted with the conditions of the agreement, which demonstrate the financial institution's confidence in our excellent business foundations and development prospects. We will continue to increase our product competitiveness and deliver compelling EV experiences to our consumers as we pursue quick technology and product updates "Chairman and CEO of XPeng, Mr. He Xiaopeng, stated.