2 months ago
Key Takeaways
- XPeng is partnering pinch Volkswagen to create exertion for nan latter's electrical vehicles produced successful China.
- Production is expected to statesman connected electrical/electronic architecture wrong 2 years.
- Volkswagen invested $700 cardinal for a 4.99% liking successful XPeng past year.
XPeng (XPEV) American depositary receipts (ADRs) surged connected Monday aft it said it would co-develop electrical/electronic (E/E) architecture pinch Volkswagen for nan latter's electric vehicles (EVs) produced successful China.
Under a maestro agreement, engineers from some companies will collaborate connected “Project House” successful Guangzhou and Hefei, China, pinch accumulation expected to commencement wrong 2 years.
VW Invested $700M successful XPeng Last Year
The move follows a model statement betwixt nan 2 companies announced successful April. Last July, Volkswagen invested $700 cardinal for a 4.99% liking successful XPeng.
“From 2026, each all-electric vehicles of nan Volkswagen marque successful China will beryllium equipped pinch this very powerful and businesslike architecture,” Volkswagen AG for China committee personnel Ralf Brandstätter said, adding nan business pinch XPeng is portion of Volkswagen’s “in China for China” strategy.
ADRs of XPeng jumped 6.4% higher to $9.00 arsenic of 2:41 p.m. ET Monday but are down astir 40% year-to-date.
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