Beijing (ZXZC)- On June 13th, China’s automaking group, Chongqing Sokon Industry Group Stock Co., Ltd. (Sokon Group) inked a strategic cooperation agreement with Industrial and Commercial Bank of China Limited (ICBC)’s Chongqing branch.  

AITO M5; photo credit: AITO

The agreement specifies that the ICBC Chongqing branch will authorize a credit line of RMB6 billion ($891 million) to Sokon Group, supporting the automaker’s various businesses, including financing, automotive consumer finance, and financing for the supply chain. 

The cooperation between the bank and the carmaker also provides convenient financial terms for Sokon Group’s quality new energy transformation. 

Specifically, the ICBC Chongqing branch will give full play to its financial advantages, actively helping Sokon Group’s industrial development and transformation, in terms of credit service, digital transformation, cash management, online banking, retail financial service, and international business.  

According to Sokon Group’s Q1 2022 financial report, it saw a 56.03% year-on-year surge in revenue with RMB5.131 billion ($761.87 million) posted. Meanwhile, its quarterly production and sales volume of new energy vehicles amounted to 174,000 and 142,000 vehicles respectively, soaring 296.87% and 207.43% from the year-ago period.