Xpeng Shares Up On Collaboration Deal With Volkswagen

Dow Jones07-22

By Chris Wack

XPeng shares were up 6.5% to $8.99 after the company and Volkswagen Group said they have formed an agreement to work on vehicle architecture for cars produced in China.

The two companies said they will jointly develop an electrical/electronic architecture for cars.

The companies have built project centers in Guangzhou and Hefei, China, and expect the first car equipped with the jointly developed technology to start being produced within the next two years.

The two carmakers signed an agreement in February to collaborate on software and sourcing to accelerate EV development.

Last July, Volkswagen invested $700 million to take a nearly 5% stake in XPeng.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

July 22, 2024 10:55 ET (14:55 GMT)

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