SAN DIEGO, CA / ACCESSWIRE / July 27, 2023 / XPENG (NYSE:XPEV), a leading electric vehicle manufacturer, and Volkswagen have announced a strategic partnership that aims to capitalize on each other's strengths. As part of this collaboration, Volkswagen will make a strategic minority investment in XPENG, acquiring approximately 4.99% of the company's outstanding share capital for around US$700 million.
Within the framework of this partnership, XPENG and Volkswagen will jointly develop two B-class battery electric vehicle (BEV) models to be sold under the Volkswagen brand in the Chinese market. Leveraging XPENG's G9 platform and Connectivity and ADAS software, the models are set to begin production in 2026.
Mr. Xiaopeng He, Chairman and CEO of XPENG stated: "The Volkswagen Group and XPENG each brings in highly complementary strengths into this long-term strategic partnership."
Mr. Ralf Brandstätter, Volkswagen AG Board Member for China added: Together with XPENG, we are now forming a strong cooperation and speeding up the expansion of our local electric portfolio and at the same time preparing ourselves for the next step change in innovation."
XPENG, headquartered in China, is a leading electric vehicle producer that designs, develops, manufactures, and markets Smart EVs.
Shares of XPENG trade on the NYSE under the ticker symbol XPEV. For more information visit www.greenstocknews.com
Source: https://greenstocknews.com/newswire/volkswagen-group-makes-strategic-investment-into-xpeng-xpev-to-develop-b-class-evs-in-china
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