BEIJING (Reuters) - Chinese electric vehicle maker Xpeng Inc said on Tuesday it has secured a credit line of 12.8 billion yuan ($2 billion) from five Chinese banks to expand manufacturing and sales.
New York-listed Xpeng, which has a market value of $35 billion, said the credit facility will diversify its funding channels.
The maker of the P7 sedan and the G3 sport-utility vehicle is planning to build a third car plant in China.
The agreement was signed with Agricultural Bank of China (OTC:ACGBF), Bank of China, China Construction Bank (OTC:CICHF), China CITIC Bank and Guangzhou Rural Commercial Bank.
Xpeng, which sells mainly in China and competes with Tesla (NASDAQ:TSLA) Inc and Nio (NYSE:NIO) Inc, delivered just over 27,000 vehicles last year.
($1 = 6.4716 Chinese yuan)