Top Volkswagen and Xpeng executives pose on the German automaker’s launch occasion in Beijing, China, on Aug. 24, 2024.
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Shares of Volkswagen and Xpeng each rose on Monday after the 2 companies introduced plans to develop their partnership in electrical automobile charging stations in China.
The German automaker and Chinese electrical automobile agency signed a memorandum of understanding during which they pledged to open their respective super-fast charging networks to every others’ prospects. The collaboration will see greater than 20,000 charging factors operated by each companies in 420 cities throughout China.
Xpeng’s Hong Kong-listed shares closed 3.4% larger on Monday. Volkswagen was up 2% in early commerce in Europe.
Volkswagen and Xpeng will discover cooperation on co-branded super-fast charging stations, the businesses mentioned.
“Through our strategic collaboration with XPENG, we are going to kind one of many largest Super Fast Charging Networks in China enabling folks to seamlessly combine e-mobility into their day by day lives not solely within the metropolises but in addition in distant cities,” mentioned Olaf Korzinovski, govt vp of Volkswagen Group China.
Charging factors have gotten a key battleground within the electrical automobile area as a result of they supply the required infrastructure that enables folks to drive additional in battery-powered vehicles if they should recharge. Tesla has additionally been increasing its Supercharger community in China.
Volkswagen has ramped up its give attention to China. In 2023, it invested around $700 million in Xpeng, taking a 4.99% stake within the agency. The German automaker is aiming to supply at the least 30 absolutely electrical fashions throughout its manufacturers in China by 2030.
Xpeng and Volkswagen are additionally seeking to jointly develop two electrical vehicles for supply in China in 2026.
