Chinese Tesla rival Xpeng Inc has announced it has secured a $2 billion credit line to help expand its manufacturing and sales.
The electric automaker, which has a market value of $35 billion, will receive the money from five different Chinese banks. In a statement on Tuesday, Xpeng said it will help diversify its funding channels (via Reuters).
Already with two manufacturing plants in China, Xpeng is planning to use the funds to open a third facility.
The five banks are Agricultural Bank of China, Bank of China, China Construction Bank, China CITIC Bank and Guangzhou Rural Commercial Bank.
Xpeng was added to the New York Stock Exchange last year. In a last-minute fundraising round prior to its IPO, the automaker secured additional money from Alibaba Group, and Qatar’s sovereign wealth fund, The Qatar Investment Authority (QIA).