Volkswagen Group investing $700M in XPENG for 5% stake, VW EV development; Audi jointly developing EVs with SAIC
Green Car Congress
JULY 27, 2023
The Volkswagen Group is strengthening its position on the Chinese automotive market with cooperations between the VW brand and XPENG and between Audi and SAIC. As part of the close and long-term strategic cooperation, the Volkswagen Group is to invest approximately US$700 million in the Chinese manufacturer of intelligent electric cars.
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