Volkswagen and Xpeng Motors executives pose for a photo during the German automaker’s launch event in Beijing, China, on August 24, 2024.
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shares Volkswagen and Xpeng Motors Shares rose on Monday after the two companies announced plans to expand their partnership at electric vehicle charging stations in China.
The German carmaker and the Chinese electric vehicle company signed a memorandum of understanding pledging to open their respective ultra-fast charging networks to each other’s customers. Through this cooperation, the two companies will operate more than 20,000 charging stations in 420 cities in China.
Xpeng Motors’ Hong Kong-listed shares closed up 3.4% on Monday. Volkswagen rose 2% in early European trading.
Volkswagen and Xpeng Motors said they will explore cooperation on jointly branding ultra-fast charging stations.
“Through our strategic cooperation with Xpeng Motors, we will form one of the largest super-fast charging networks in China, enabling people to seamlessly integrate electric vehicles into their daily lives, not only in metropolitan cities but also in remote cities,” said Olaf Korzinovski, Vice President of Volkswagen Group (China).
Charging stations are becoming a key battleground in the electric vehicle space as they provide the necessary infrastructure to allow people to drive their battery-powered vehicles longer distances when they need to be recharged. Tesla It has also been expanding its network of supercharging stations in China.
Volkswagen has increased its focus on China. In 2023, it Invest approximately US$700 million in Xpeng Motorsholding 4.99% of the company’s shares. The German automaker aims to launch at least 30 all-electric models under its brands in China by 2030.
Xpeng Motors and Volkswagen are also seeking joint development Both electric vehicles will be delivered in China in 2026.
