Volkswagen will spend $700 million for 4.99 percent of XPeng; the carmakers will co-develop two mid-size EVs for China coming in 2026.
Volkswagen Group has taken a 5 percent stake worth $700 million in EV startup XPeng in a surprise move that's part of the German company's efforts to strengthen its position on the Chinese car market.
and SAIC. The automaker says the goal with the two deals is to"swiftly tap into new customer and market segments" in order to leverage the potential of China's fast-growing e-mobility market.brand's technological framework agreement with XPeng, the two companies will initially jointly develop two VW brand mid-size electric models for the Chinese market. The EVs will supplement Volkswagen's MEB product portfolio and are to be launched in 2026 in China.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Volkswagen to expand China line-up with Xpeng, SAIC partnershipsVolkswagen on Wednesday announced two agreements aimed at strengthening the German carmaker's position in the Chinese market, including a partnership between the Volkswagen brand and China's Xpeng Inc to build two new models.
Read more »
XPeng’s stock soars after Volkswagen invests $700 million, announces cooperation agreementsShares of XPeng Inc. soared 13.4% toward an 11-month high in premarket trading Wednesday, after Germany-based Volkswagen Group said it was investing $700...
Read more »
Volkswagen buys stake in Xpeng, will jointly develop two new EVs with the Chinese automakerThe new EVs, which will be branded as VWs and sold only in China, are expected to launch in 2026.
Read more »
Monitoring group says thousands of Wagner mercenaries have arrived in Belarus since failed uprisingThousands of Russia-linked Wagner group mercenaries have arrived in Belarus since the group’s short-lived rebellion, a military monitoring group said Monday.
Read more »
Starship Entertainment Takes Strong Legal Action Against Malicious YouTubersStarship Entertainment Takes Strong Legal Action Against Malicious YouTubers
Read more »
911 Operators Call For Help: Workers Plagued By Shortages, BurnoutThe time it takes some emergency call centers to answer the phone is alarming some communities.
Read more »