Volkswagen and Xpeng Partner on Electric Vehicle Development
German Automaker to Invest $700 Million in Chinese Startup
Joint Venture to Focus on Developing Industry-Leading Electrical Architecture
Volkswagen and Chinese electric vehicle (EV) startup Xpeng have announced a strategic partnership to jointly develop industry-leading electrical architecture (EE) for all vehicles produced locally in China.
The partnership will combine the scale of both companies and leverage Volkswagen's world-class engineering expertise with Xpeng's experience in developing smart EVs.
As part of the collaboration, Volkswagen will invest €700 million ($779 million) in Xpeng. The investment will support the joint development of new EV technologies, including autonomous driving and battery systems.
The partnership is expected to accelerate the development of electric vehicles in China, which is the world's largest market for EVs.
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