Why Xpeng Stock Is Higher Today

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Shares of Chinese electric-vehicle maker Xpeng (NYSE: XPEV) were trading higher on Tuesday, after the company said that it has secured a new $2 billion credit line to help it expand manufacturing and sales.

As of 1:45 p.m. EST, Xpeng’s American depositary shares were up about 16.1% from Monday’s closing price.

Xpeng said on Tuesday morning that it has secured a new credit line of 12.8 billion yuan (about $2 billion) from five Chinese banks. The company said that it plans to use the credit line to support the “expansion of its manufacturing, sales, and service capabilities.”

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