Chinese electric car manufacturer Xpeng has received almost $2 billion in credit from banks, including several backed by the state, the company announced Tuesday. The Alibaba-backed startup aims to step up its production of more affordable electric cars.

Three of China’s “big five” banking institutions were among those who approved Xpeng’s credit line, namely Bank of China, China Construction Bank, and Agricultural Bank of China, CNBC reports.

Though Xpeng hasn’t been hurting for cash since raising over $4 billion from investors last year in two offerings on the New York Stock Exchange, its production has lagged behind that of high-end competitor Nio. Nio delivered 43,700 cars in 2020 compared to Xpeng’s 27,000.

Nio received a slightly smaller loan in 2020 from many of the same banking institutions, along with the Industrial and Commercial Bank of China.

Tesla is another player in the market, receiving equivalent loans from two of the “big five” banks late last year to fund the construction of a factory in Shanghai.

Xpeng Motors Chinese people look at an Xpeng electric car during the Global Mobile Internet Conference in Beijing on April 27, 2018. Photo: AFP via Getty Images

Xpeng plans to use its new money to close the production gap, according to a release. While the company did not specify exactly how the funds would help, it’s already opened a second factory and new stores, with 116 storefronts and 50 service centers. 

Investors certainly seem to think Xpeng has potential: Its stock has risen almost 200% since the first public offering. 

Both companies are expanding their lineup by announcing new sedans. Xpeng hopes to get its to market this year, while Nio’s will arrive in the first quarter of 2022. 

Not to be outdone, Xpeng has said it’s also looking to develop flying vehicles.