Chinese electric car company Xpeng Motors (NYSE: XPEV) today announced that it has received credit facilities totaling RMB 12.8 billion from five Chinese banks to support its business operations and the construction of its production and sales and service systems.

The five banks are Agricultural Bank of China Guangdong Branch, Bank of China Guangdong Branch, China Construction Bank Guangdong Branch, CITIC Bank Guangzhou Branch, and Guangzhou Rural Commercial Bank.

Xpeng is one of China's emerging smart electric vehicle companies. on August 27, 2020, Xpeng launched on the New York Stock Exchange, raising $1.7 billion after exercising the greenshoe mechanism, setting a global record for the highest IPO in the history of new energy vehicles.

On December 11, 2020, Xpeng announced the completion of its initial post-IPO offering, raising $2.5 billion.

As of September 30, 2020, Xpeng's sales and service network includes 116 sales outlets and 50 service outlets, covering 58 cities. Xpeng's cumulative delivery volume has now exceeded 40,000 vehicles.

Xpeng's new credit line is the latest move by China's emerging electric vehicle company to strengthen its financial muscle.

During the after-hours trading session, another Chinese EV maker Nio said it plans to offer $1.3 billion in convertible notes which include $650 million in notes due 2026 and $650 million due 2027.

The net proceeds will go mostly to general corporate purposes and "to further strengthen its cash and balance sheet positions," it said.