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China will see a Network of Incredibly Quick EV Charging Stations Built by Volkswagen and Xpeng

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)

SourceCNBC
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