Volkswagen takes $700 million stake in Chinese EV startup Xpeng - PingWest
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Volkswagen takes $700 million stake in Chinese EV startup Xpeng
Volkswagen takes $700 million stake in Chinese EV startup Xpeng
July 26, 2023 10:53 pm
Volkswagen announced Wednesday that it will invest about $700 million in XPeng and buy a 4.99% stake in the company in a bid to gain a foothold in China's competitive electric car market.
The German auto giant will buy Xpeng's US-listed shares for $15 a share and will get a seat on the electric carmaker's board, subject to regulatory approval.
Founded in 2014, XPeng is one of China's leading electric vehicle (EV) startups. The company offers a lineup of EVs including the P7 sedan, the G3 SUV, and the G9 SUV.
In addition to the investment, Volkswagen and Xpeng agreed to develop two new Volkswagen-branded models on the MEB platform at Volkswagen's new technology center in Hefei, to be launched in 2026 and equipped with Xpeng's self-driving software.
Xpeng's US-listed shares rose more than 40% on Wednesday morning following the news.
Volkswagen also said its Audi subsidiary had signed a separate agreement with Shanghai-based SAIC Motor to jointly develop new Audi-branded electric vehicles for the Chinese market. The company said the plan is aimed at developing new electric vehicles for market segments that Audi does not currently have in China.
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