On Tuesday, Chinese electric vehicle maker Xpeng Inc said, it has secured a $2 billion (12.8 billion yuan) credit line from five Chinese banks for expanding its manufacturing and sales.

New York-listed Xpeng, which has a market value of $35 billion said, the credit facility will diversify its funding channels.

The company plans on building its third car plant in China.

It has signed a credit agreement with Bank of China, Agricultural Bank of China, China Construction Bank, Guangzhou Rural Commercial Bank, and China CITIC Bank.

Xpeng’s main market is China where it competes with Nio Inc and Tesla. In 2019, it delivered more than 27,000 vehicles.

($1 = 6.4716 Chinese yuan)

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