Top executives from Volkswagen and Xpeng stand at the German automaker's launch event in Beijing, China, on August 24, 2024.
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shares Volkswagen and Exping Both rose on Monday after the companies announced plans to expand their partnership in electric vehicle charging stations in China.
The German automaker and the Chinese electric car company signed a memorandum of understanding pledging to open their ultra-fast charging networks to each other's customers. The cooperation will see more than 20,000 charging points operated by the two companies in 420 cities across China.
Xpeng's Hong Kong-listed shares closed 3.4% higher on Monday. Volkswagen shares rose 2% in early trading in Europe.
Volkswagen and Xpeng will explore cooperation on co-branded ultra-fast charging stations, the companies said.
“Through our strategic cooperation with XPENG, we will form one of the largest ultra-fast charging networks in China to enable people to seamlessly integrate e-mobility into their daily lives not only in major cities but also in remote cities,” said Olaf Korzynowski, CEO. Vice President of Volkswagen Group China.
Charging points have become a major battleground in electric vehicles because they provide the necessary infrastructure that allows people to drive further in battery-powered cars if they need to recharge. Tesla It has also expanded its Supercharger network in China.
Volkswagen has intensified its focus on China. In 2023, It invested about $700 million in Xpengwhere he acquired a 4.99% stake in the company. The German automaker aims to offer at least 30 fully electric models across its brands in China by 2030.
Xpeng and Volkswagen are also looking forward to it Develop jointly Two electric cars for delivery in China in 2026.
