Chinese electric vehicle maker Xpeng has secured a 10 billion yuan ($1.4 billion) credit line from the Guangdong branch of the Industrial and Commercial Bank of China (ICBC), reinforcing its financial capacity as it accelerates manufacturing and international expansion.
The strategic cooperation agreement was signed on January 6 at Xpeng’s technology park in Guangdong province. Under the arrangement, ICBC Guangdong will provide financing to support Xpeng’s corporate funding requirements, overseas operations and cash management, offering flexibility for both near-term operations and longer-term strategic initiatives.
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Xpeng said the agreement reflects confidence from one of China’s largest state-owned banks in the company’s business fundamentals and growth outlook. The additional credit is expected to support the automaker as it continues to scale production and invest in new technologies.
The company plans to further expand investment in Zhaoqing, home to Xpeng’s first wholly self-built vehicle manufacturing base. Located in the Zhaoqing High-Tech Zone, the plant is currently operating at a pace of one vehicle every 90 seconds and produces the MONA M03, a pure-electric A-segment model.
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Xpeng is among China’s leading smart electric vehicle manufacturers, with a growing portfolio of in-house developed models for domestic and overseas markets. In 2025, the company delivered 429,445 vehicles, a year-on-year increase of 126%. Overseas deliveries reached 45,008 units, up 96% from the previous year, highlighting rising momentum outside China.
Looking ahead, Xpeng said it will increase investment in core areas such as physical AI and advanced vehicle manufacturing, while continuing to expand its global sales and service networks. The ICBC partnership is expected to provide key financial support as the company enters its next phase of large-scale growth.