VWAGY - XPEV Stock Alert: XPeng Expands EV Relationship with Volkswagen
2024-07-22 10:46:39 ET
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XPeng (NYSE: XPEV ) stock is getting a boost on Monday after the electric vehicle (EV) company announced an expansion to its relationship with Volkswagen (OTCMKTS: VWAGY ).
XPeng and Volkswagen have reached a master agreement for their work together on electrical/electronic architecture (E/E Architecture). This will have them developing E/E Architecture locally produced vehicles based on Volkswagen’s China Main Platform ( CMP ) and Modular Electric Drive Matrix (MEB) platform.
This has them setting up Project House in Guangzhou and Hefei which will allow their engineers to work together on development. The two have also noted that this master agreement could allow for further collaborations between the firms.
Volkswagen’s Ralf Brandstätter said the following about the agreement:
“The rapid progress in the close cooperation between the Volkswagen Group and XPENG underlines the great potential of this partnership. With the joint development of a highly modern E/E Architecture, in which both partners contribute their technological expertise, we are now taking the next step together. For us at Volkswagen, this project is also the next milestone in the consistent implementation of our ‘in China for China’ strategy.”
How This Affects XPEV Stock Today
News of the expanding collaboration between XPeng and Volkswagen has XPEV stock rising 6.6% higher as of Monday morning. That comes with roughly 5.2 million shares of XPEV changing hands. This is still below the company’s daily average trading volume of about 13.2 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article .
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