eastwest connect

Four banks jointly granted 6 billion yuan credit to XPeng Huitian to accelerate flying car development

According to XPeng, on November 8th, the signing ceremony of the strategic cooperation between Xpeng Huitian and the banks was held at the headquarters of Xpeng Huitian in Guangzhou. XPeng Huitian officially reached a strategic partnership with Agricultural Bank of China Guangdong Branch, China Construction Bank Guangdong Branch, China CITIC Bank Guangzhou Branch and Pudong Development Bank Guangzhou Branch.

Pursuant to the agreement, the four banks jointly provided a total of RMB 6 billion of credit lines to XPeng Huitian to support XPeng Huitian’s research and development of flying cars and future production.

Signing ceremony

As the number and density of megacities continue to increase, congested short-distance traffic reduces the operating efficiency of cities. The emergence of flying cars will directly hit the pain point. It can not only expand the travel mode in the city to a new space, but also is expected to bring about the optimization of efficiency and great imagination.

It is understood that with the rapid development of battery technology, autonomous driving technology and material science, human beings have the opportunity to break through engineering barriers through combined innovation on flying cars.

In fact, previously, in October last year, XPeng Huitian completed a series A financing of more than 500 million US dollars. The round of financing was jointly led by IDG Capital, Wuyuan Capital and XPeng. Sequoia, Zhongding, Hillhouse, Yunfeng and other well-known funds followed suit. It is the largest Series A financing in the global flying car industry.

This time, the four banks jointly granted 6 billion yuan of credit. It is expected to speed up the mass production process of XPeng flying car. He Xiaopeng, chairman of XPeng Huitian, said bluntly that this is conducive to encouraging and strengthening XPeng Huitian’s confidence in the flying car business, and strongly supports XPeng Huitian to further increase capital investment in research and development, and gradually began to build the layout and construction of the supply chain and manufacturing base for mass-produced flying cars.