Volkswagens Xpeng deal sets example for EV alliance between the West and China | TechCrunch
News Summary
- Volkswagen takes stake in Chinese EV startup XPeng as part of Chinese EV deal
- Partnership has the potential to set a precedent for Western automakers seeking to leverage Chinese EV expertise while their Chinese counterparts can benefit from their foreign allies global distribution
- The agreement involves the production of two new battery powered models under the Volkswagen brand utilizing some of XPeng s key technologies
- This type of cooperation is expected to lay the foundation for Chinese carmakers overseas expansion and in XPeng's case could open up more opportunities for future collaboration with the Volkswagen Group
The major news from Chinas auto industry this week is Volkswagens $700 million investment in the countrys electric vehicle startup, Xpeng. This partnership has the potential to set a precedent for [+2603 chars]
