Shulou(Shulou.com)11/24 Report--

According to CTOnews.com news on July 26, Xiaopeng announced on July 26 that it would issue Class A common shares to Volkswagen Group at the price of US $15 per American depositary receipt (ADR), accounting for about 4.99% of Xiaopeng's issued share capital at the end of the transaction, at a total cost of about US $700 million. The two sides will jointly develop two B-class pure electric vehicles to be sold in the Chinese market under the Volkswagen brand. These models are expected to go into production in 2026.

In addition, the two sides will explore other potential strategic cooperation in a number of areas, including future electric vehicle platforms, software technology and supply chain cooperation. Discussions on strategic technical cooperation are ongoing and depend on the positive outcome of the project feasibility study.

CTOnews.com noted that in the strategic cooperation between Volkswagen and Xiaopeng announced today, as well as between Audi and SAIC, Volkswagen and Audi will work with partners to develop new electric models to meet the needs of customers in the new market segment, CTOnews.com noted in a Weibo post by Volkswagen Group (China) Chairman and CEO Baird. The Volkswagen brand will develop two new electric models for the medium-sized car market, while the Audi brand will target the high-end market segment. The new models will not replace existing models of the two brands. Bermuda said that in the past few months, he Xiaopeng, chairman of Xiaopeng Motor, and Xiaopeng Automobile team maintained communication.

He Xiaopeng posted on Weibo that he expects the big and the small to join hands to bring the best technology, the best products and the best brands to the world.

According to public data, Volkswagen will become the third largest shareholder of Xiaopeng after he Xiaopeng (20.50%) and Alibaba Group Holdings Co., Ltd. (11.10%).

As of CTOnews.com, Xiaopeng's share price is up more than 28%.

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