Xpeng jumps on partnership with Volkswagen to build EV charging network in China

Shares of Chinese electric vehicle manufacturer Xpeng (NYSE:XPEV ) Inc (HK:9868 ) rose on Monday following the announcement of an expanded partnership with Volkswagen (ETR:VOWG ) to develop a super-fast charging network across China.

The collaboration aims to establish one of the largest ultra-fast charging networks in the country, granting mutual access to over 20,000 charging piles across 420 cities for customers of both companies. This initiative is expected to enhance the charging experience and accelerate the adoption of electric vehicles in the region.

Hong Kong-listed Xpeng shares rose as much as 5.3% to HK$47.05.

In 2023, Volkswagen acquired a 4.99% stake in XPeng for $700 million. The two companies have since collaborated on various projects, including the joint development of electric vehicle models tailored for the Chinese market, with plans to introduce two Volkswagen-branded EVs by 2026.

Source: Investing.com