Chinese EV maker XPeng's stock soars on news of VW investment
Shares of XPeng Inc.
soared 13.4% toward an 11-month high in premarket trading Wednesday, after Germany-based Volkswagen Group XE:VOW VWAGY said it was investing $700 million in the China-based electric vehicle maker. Volkswagen’s stock fell 2% in Germany. The investment includes cooperation agreements between the VW brand and XPeng and between Audi and SAIC. Under terms of the investment, VW is taking a 4.99% stake in XPeng through the purchase of shares at $15 per American depositary share, which represents a 2.
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