Chinese electric vehicle maker XPeng, Inc. (NYSE:XPEV) has signed an agreement that would secure additional funding for the company to fuel growth.
What Happened: XPeng agreed with the Agricultural Bank of China, a state-owned bank, for a comprehensive credit line of up to 7.5 billion yuan ($1.14 billion), a statement from the company said. The agreed-upon financing, which will be provided by the Guangdong branch of the bank, will be used for supporting business operations and expansion in China.
