VW's decision to partner with the Chinese startup could herald a new era for foreign automakers trying to stay in the picture with new-energy vehicles
in tech-driven automaker Xpeng, with a planned investment of $700 million.
The move is regarded as a savvy one for the German automaker. Not only does it increase its footing in one of the fastest-growing markets for new-energy vehicles, but with an agreement to expand cooperation, it means VW can also tap into the technology on offer from the young Chinese startup. Xpeng may be a smaller player in the Chinese automotive space than some of its rivals, but its technology has been at the forefront of the company’s portfolio since day one. On the other hand, while China is the largest market for Volkswagen’s internal combustion-powered cars, the company has got off to a slow start with EVs. It currently holds just a 2.6 percent market share in the Chinese NEV sales charts.
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