Beijing (ZXZC)- BAIC Group signed a strategic agreement with the Industrial and Commercial Bank of China (ICBC) Beijing Branch, representing another successful case of the finance industry serving the development of high-end manufacturing.

BAIC Group and ICBC signing agreement; photo credit: ICBC

Per the agreement, ICBC Beijing Branch will provide RMB80 billion line of credit to support the automaker’s technology innovation and industrial progressing and help to accelerate its development transformation.

BAIC Group and ICBC Beijing Branch have been trusting partners for a long time. Both parties cooperated in settlement, deposits, loans, bond underwriting, and international business sectors.

BAIC Group is one of the major auto groups in China. As an experienced and comprehensive enterprise in the industry, its business covers vehicle R&D and manufacturing, auto part making, auto service trade, and various transportation services. The group's subsidiaries include new energy manufacturer BAIC BJEV, joint venture company Beijing Hyundai, Beijing Benz Auto.

Having been a member of the "Fortune 500" for nine consecutive years, ranking No.124 in 2021, BAIC Group is of great importance of the Capital's economy.

The group's mainstay electric vehicle arm BAIC BJEV sold 4074 vehicles in August, representing a 16.7% increase from the previous month and nearly doubled compared to last year. BAIC BJEV has also formed an in-depth partnership with China's telecom giant HUAWEI to produce intelligent vehicles. The first collaboration model powered by HUAWEI's full-stack autonomous driving solution, the αS HI, will debut in the last quarter of this year.