XPENG AEROHT receives $844M bank credit

XPENG AEROHT Press Release | November 11, 2022

Estimated reading time 3 minutes, 22 seconds.

XPENG AEROHT signed a strategy cooperation partnership agreement with four leading Chinese banks, namely, the Guangdong Branch of the Agricultural Bank of China, the Guangdong Branch of the China Construction Bank, the Guangzhou Branch of China CITIC Bank, and the Guangzhou Branch of Pudong Development Bank. Under the partnership, a bank credit of RMB 6 billion (approximately $844 million) is jointly granted by the four banks to XPENG AEROHT aiming at facilitating its flying car R&D and future manufacturing.

XPENG AEROHT’s first global public flight in Dubai. XPENG AEROHT Photo

“The strategic partnership is constructive and encouraging, boosting our confidence in flying cars”, said He Xiaopeng, the chairman of XPENG AEROHT, at the signing ceremony. He said that the financial support from the banks will enable XPENG AEROHT to further increase investment in flying car R&D, establishment of supply chain and construction of manufacturing facilities. The speaking representatives of the four banks highly appreciated XPENG AEROHT’s commitment and efforts in leading the transformation of future three-dimensional transportation, saluted XPENG AEROHT’s achievements in flying car R&D, and expressed their willingness to support and their expectation of XPENG AEROHT’s delivery of the world’s first electric flying car.

XPENG AEROHT’s flying car has aroused wide public attention and is continuously being a hot topic in social media throughout the world. On October 10, XPENG AEROHT successfully launched its first global public flight in Dubai, using its fifth generation eVTOL – internal model X2, under the support of the UAE government and the royal family. Simply two weeks later, XPENG AEROHT released the configuration and a testing video of its latest flying car – X3 (internal code name).

Signing ceremony for the extension of RMB 6 billion credit. XPENG AEROHT Photo

XPENG AEROHT has been well recognized by the capital firms. On October 19, 2021, XPENG AEROHT announced the completion of the A round financing, led by IDG Capital, 5Y Capital and XPENG Motors, raising over $500 million. It is the largest Series A fund raising in the industry. Today, the 6-billion-RMB bank credit granted by the four banks may depict another fund-raising peak of XPENG AEROHT, illustrating it has won the favor of financial institutions.

This press release was prepared and distributed by XPENG AEROHT.

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