XPeng (XPEV) and Volkswagen enter $700M strategic EV partnership and share agreement
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XPENG and the Volkswagen Group Announce Entry into Framework Agreement on Strategic Technical Collaboration and Strategic Minority Investment by the Volkswagen Group in XPENG
July 26, 2023 9:15 AM EDTXPENG and the Volkswagen Group entered into long-term strategic partnership XPENG and the Volkswagen Group will jointly develop two B-class BEVs under Volkswagen brand leveraging the strength of each other XPENG will issue Class A ordinary shares about 4.99% of its outstanding share capital to the Volkswagen Group at US$15 per ADS for approximately US$700 million The strategic partnership also empowers both parties to explore long-term collaboration opportunities in future EV platforms, supply chain, next-generation Smart EV technologies, among others
GUANGZHOU, China--(BUSINESS... More
