The Volkswagen Group has taken a 5% investment in Xpeng as part of a long-term EV partnership
The new Volkswagen Group Technology Company will serve as the development partner for Xpeng.
Volkswagen China boss Ralf Brandstätter said: “In a competitive and dynamic market environment, we're leveraging the strengths of Volkswagen and our partners to create synergies to bring additional products to market faster. In doing so, we focus on the specific needs of our customers in China.” Xpeng boss He Xiaopeng added: “We will share Smart EV technologies and world-class design and engineering capability with each other and learn from each other.
"Since the founding of Xpeng, we have been developing full-stack technologies from EV platform to connectivity and [advanced driver assistance] software in house. We're excited about the opportunity to contribute our expertise to the strategic partnership and create value for Xpeng and our shareholders.”
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