Beijing (ZXZC)- On May 26th, XPeng hosted a launch event to introduce its smart installment plan, making it the first auto brand to adopt the smart distribution payment plan within the industry. 

Photo credit: XPeng

The XPeng smart installment product is a collaborative result between the automaker and seven banks, including Ping An Bank, China CITIC Bank, China Construction Bank, Industrial and Commercial Bank of China, Shanghai Pudong Development Bank, and Bank of Shanghai. 

In a nutshell, the algorithm-based installment plan can automatically recommend corresponding intelligent service products from compatible financial institutes that best suit every customer. The plan sets a unified fixed price for each participating bank and quickly concludes the best match for customers who wish to set up a payment plan for their XPeng vehicle, eliminating the typically redundant red tape procedure.

The smart installment service is easily accessible online with transparent prices and standardized SKU, helping consumers and banks reduce business handling time and improve efficiency. 

XPeng disclosed that the smart payment plan would gradually branch out to cover more areas in the car owners’ life, such as vehicle maintenance and other aftermarket services.