Following their announcements of plans to extend their collaboration on electric vehicle charging stations in China, Volkswagen and Xpeng’s stock prices increased on Monday.
By signing a memorandum of agreement, the Chinese electric car company and the German manufacturer promised to make their respective super-fast charging networks available to each other’s customers.
As a result of the partnership, both companies will run over 20,000 charging stations across 420 Chinese cities.
The Hong Kong-listed shares of Xpeng ended Monday’s trading session 3.4% higher. In early European trading, Volkswagen was up 2%.
Xpeng and Volkswagen will investigate collaborating on co-branded super-fast charging stations.
“We will establish one of the biggest Super Fast Charging Networks in China through our strategic partnership with XPENG, allowing people to easily incorporate e-mobility into their daily lives in both urban and rural areas,” stated Olaf Korzinovski, executive vice president of Volkswagen Group China.
Source (CNBC)