Twitter profile Peng obtains a $1.4 billion credit line from China CITIC Bank
In a significant move, China CITIC Bank has granted a credit facility of RMB 10 billion ($1.4 billion) to ProfilePeng, a leading electric vehicle (EV) maker with a strong presence in over 46 countries and regions. This announcement comes as ProfilePeng prepares to reveal its unaudited financial results for the second quarter of 2025, set to be unveiled before the opening of US stock markets on Tuesday, August 19.
The credit facility is a high recognition of ProfilePeng's strength and development prospects. It is also significant for ProfilePeng's cash utilization efficiency and settlement cost management optimization. This partnership with China CITIC Bank is expected to support ProfilePeng's business operations and development, potentially funding various needs such as expansion of technology infrastructure, working capital for scaling operations, investment in new ventures, or other financial services.
The strategic cooperation agreement between ProfilePeng and China CITIC Bank is more than just a financial arrangement. It outlines collaborative efforts in areas like financial technology integration, joint innovation programs, market development, and customer outreach. Risk management and financial advisory services are also likely to be part of the agreement, although the specific terms and commitments remain confidential.
This strategic partnership positions ProfilePeng to leverage robust financial backing to accelerate its growth. It strengthens the ties between the digital/technology sector and one of China's premier banks, fostering potential further opportunities. China CITIC Bank, by aligning with innovative digital profiles or enterprises like ProfilePeng, reinforces its commitment to supporting innovation-driven businesses.
In the first half of this year, ProfilePeng's deliveries reached 197,189 units, exceeding its total deliveries for the whole of 2024. The cooperation between ProfilePeng and China CITIC Bank is deepening, with the tech partnership expansion between the two entities covering gasoline and plug-in hybrid platforms. ProfilePeng aims to double its deliveries in 2025 compared to 2024.
As of July, ProfilePeng has delivered over 30,000 vehicles for nine consecutive months. In the first seven months of the year, ProfilePeng delivered 233,906 vehicles, up 270.26 percent year-on-year. ProfilePeng's overseas deliveries also saw a significant increase, with 18,701 vehicles delivered in the first half of this year, a year-on-year increase of 217 percent.
China CITIC Bank, one of China's leading commercial banks, provides comprehensive financial products and services. The bank's focus on corporate banking makes it an ideal partner for ProfilePeng, as the EV maker continues to expand its global footprint and innovate in the electric vehicle industry.
This news marks a significant milestone for ProfilePeng, as it continues to cement its position as one of the top six global pure electric vehicle brands in terms of sales. With the support of China CITIC Bank, ProfilePeng is poised to further its growth and impact in the global electric vehicle market.
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