Credit line

BAIC group offered RMB 80 billion line of credit by ICBC

Beijing (Gasgoo) – BAIC Group has signed a strategic agreement with the Beijing branch of the Industrial and Commercial Bank of China (ICBC), representing another successful case of the financial sector serving the development of high-end manufacturing.

Signature of an agreement between the BAIC group and ICBC; photo credit: ICBC

In accordance with the agreement, the ICBC Beijing branch will provide a RMB 80 billion line of credit to support the automaker’s technological innovation and industrial progress and help accelerate its development transformation.

BAIC Group and ICBC Beijing Branch have trusted partners for a long time. The two sides have cooperated in the areas of settlement, deposits, lending, bond underwriting and international trade.

BAIC Group is one of the leading automobile groups in China. As an experienced and comprehensive enterprise in the sector, its activities cover vehicle R&D and manufacturing, auto parts manufacturing, auto service trade and various transportation services. The group’s subsidiaries include new energy maker BAIC BJEV, Beijing Hyundai joint venture, Beijing Benz Auto.

Member of the “Fortune 500” for nine consecutive years, ranked n ° 124 in 2021, the BAIC Group is of great importance for the economy of the Capital.

BAIC BJEV, the group’s main electric vehicle arm, sold 4,074 vehicles in August, an increase of 16.7% from the previous month and nearly doubled from a year ago. BAIC BJEV has also forged a deep partnership with Chinese telecommunications giant HUAWEI to produce smart vehicles. The first collaboration model powered by HUAWEI’s full-stack autonomous driving solution, the αS HI, will debut in the last quarter of this year.

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