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

Thanks to CTOnews.com netizens Mr. Air, DynamIK, grass Luo Yuzi for the clue delivery! CTOnews.com, July 26, the Volkswagen Group announced on its website today that it has signed a long-term technical framework agreement with Xiaopeng Motor to jointly develop two Volkswagen-branded electric vehicles aimed at China's medium-sized car market, which will be launched in 2026, pending a final agreement.

In addition, Volkswagen will add about $700 million to Xiaopeng (CTOnews.com Note: current about 4.998 billion yuan) and buy a 4.99% stake in Xiaopeng at a price of $15 per American depositary receipt (ADR). Volkswagen will get an observer seat on Xiaopeng's board of directors after the capital increase is completed.

Volkswagen also announced that Audi and its joint venture partner SAIC have signed a strategic memorandum to further expand existing cooperation. According to the agreement, the two sides plan to jointly develop a new local platform for the next generation of Intelligent Networked vehicles (ICV) in the future.

Affected by the news, Xiaopeng's U. S. stock rose nearly 15% before trading today, and as of CTOnews.com, the share price was tentatively reported at $17.38, up 13.15%.

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