XPeng Surged Over 26% in Morning Trading As VW Took $700 Million Stake in It

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XPeng Surged Over 26% in Morning Trading As VW Took $700 Million Stake in It

Tiger Newspress2023-07-26

XPeng Inc. surged over 26% in morning trading.

Volkswagen AG plans to invest $700 million in Xpeng Inc. and jointly develop electric vehicles in China as the German automaker fights to halt a sales slide in its most important market.

VW will eventually hold a 4.99% stake in the Chinese company via a capital increase and is getting an observer board seat, it said Wednesday. Its Audi premium brand will deepen ties with VW’s long-term partner SAIC Motor Corp Ltd. to also bolster its EV lineup.

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hmanxx
·2023-07-26
Cool, yesterday suddenly pulled down.. some shorts get burnt..
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