Chinese carmaker Xpeng is bringing its EVs to Europe. The Xpeng P7 electric vehicle outside the New York Stock Exchange in August, 2020. The agreement will help the Guangzhou-based company expand its manufacturing, sales and services and other operations, according to a release. Li Auto Inc. sold 14,464 vehicles in the December quarter, while XPeng … Participants in this deal included China Construction Bank, Industrial and Commercial Bank of China, Bank of China and Agricultural Bank of China, according to an announcement from Nio. Alibaba-backed Xpeng announced Tuesday it secured a credit line of 12.8 billion yuan ($1.98 billion) from major Chinese financial institutions — including three of the "big five" state-owned banks: Bank of China, China Construction Bank and Agricultural Bank of China. BYD joined fellow China electric car stocks Nio (), Xpeng Motors and Li Auto in reporting robust October sales.BYD stock rose. Global Scramble for Scarce Chip Supplies Drives Asia Growth, Taiwan Sounds Currency Warning as Chip Demand Fuels Exports, Alibaba, Pinduoduo Fight Against China’s Looming Food Crisis, Fintech Firm Apex Clearing Agrees to Go Public Via SPAC, Clubhouse Chats Are Breached, Raising Concerns Over Security, A 2020 Winner in Asia Stock Market Is Now the Biggest Loser, Beneteau to Suspend Some Production After Cyberattack, EV makers in China have captured global investors’ attention, Stock in Nio hit a record high in New York earlier this week. Nio is now in the process of pricing a $1.3 billion two-part sale of convertible notes. investing in the development of flying vehicles. Xpeng Inc – ADR (NYSE: XPEV), which is positioning itself as the technology leader among China's electric vehicle manufacturers, announced that it … Mass deliveries of Xpeng's P7 sedan, a direct rival to Tesla's Model 3, began last June. In December, it delivered the first batch of 100 electric SUVs to customers in Norway, a milestone for its international business. These massive state-owned banks also lend to Nio and Tesla. Retail sales of cars, SUVs and multiple-purpose vehicles totaled 19.6 million units in 2020, the China Passenger Car Association said Monday. 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. A Division of NBCUniversal. In China's state-dominated system, the banks prefer to lend to state-owned enterprises. All Rights Reserved. Updates with Nio note detail in 6th paragraph. four of the "big five" banks extended 10.4 billion yuan in credit to Nio. The company said it has opened 116 retail storefronts and 50 service centers, as of Sept. 30. Chinese electric-car maker Xpeng Motors has attempted to allay concerns that the popularity of rival Tesla’s new locally-built Model Y sport utility vehicle (SUV) could damage its prospects. Two rival Chinese EV startups that listed in the U.S. last year are also building momentum. In July 2020, local branches for four of the "big five" banks extended 10.4 billion yuan in credit to Nio for the start-up's China operations based in the city of Hefei near Shanghai. On Monday in New York, its shares touched a record high having soared 1,112.44% in 2020. Evelyn Cheng @chengevelyn. Founded by He Xiaopeng and partners in 2014, Xpeng Motors is among the dozens of Chinese electric car start-ups that have emerged in recent years amid the country’s efforts to shift away… This story is the second of a two-part look at China's electric vehicle market.
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