BERLIN : Volkswagen on Wednesday announced two agreements aimed at strengthening the German carmaker's position in the Chinese market, including a partnership between the Volkswagen brand and China's Xpeng Inc to build two new models.The carmaker also announced plans for further cooperation between its su
BERLIN : Volkswagen on Wednesday announced two agreements aimed at strengthening the German carmaker's position in the Chinese market, including a partnership between the Volkswagen brand and China's Xpeng Inc to build two new models.
The carmaker also announced plans for further cooperation between its subsidiary Audi and Chinese heavyweight SAIC including jointly developed models and a new platform, but fell short of providing details or a timeline. Volkswagen and Xpeng agreed to develop two new VW brand models on the MEB platform at Volkswagen's new technology center in Hefei, to be rolled out from 2026 and featuring Xpeng software on autonomous driving.
Volkswagen will invest around $700 million in Xpeng and purchase a 4.99 per cent stake in the company by way of a capital increase, the statement added.
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