Volkswagen and Xpeng boost partnership with ultra-fast EV charging network

Investing.com -- Volkswagen (ETR:VOWG_p ) is set to strengthen its partnership with Chinese electric vehicle (EV) maker Xpeng (NYSE:XPEV ). The duo announced on Monday that they plan to expand their collaboration to construct an ultra-fast charging network for electric vehicles. The plan involves opening their existing Chinese networks to each other's customers, which currently encompasses approximately 20,000 charging systems spread across 420 cities in China. In addition, they are considering the joint development of new co-branded charging sites.

This move is a continuation of the relationship between Volkswagen and Xpeng, which began in 2023 when the German automaker acquired a nearly 5% stake in the Chinese company for $700 million. The partnership's initial plans included jointly launching two Volkswagen-branded EVs in China by 2026.

In addition to these plans, Volkswagen has collaborated with Xpeng to create a new architecture for smart and electric cars. This development is expected to enable Volkswagen to provide more affordable EVs in China, its largest market.

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Source: Investing.com