Volkswagen invests in XPeng to jointly develop EVs, as foreign automakers scramble to boost China sales
- Volkswagen is acquiring a 5% stake in Chinese EV maker XPeng for $700 million to jointly develop electric vehicles.
- The companies will collaborate on mid-sized EVs for China, incorporating XPeng's autonomous driving software.
- The partnership aims to help Volkswagen compete in China's EV market, where its sales have been declining.
- Foreign automakers face growing competition in China from local brands, prompting partnerships and new strategies.
- Volkswagen hopes to leverage XPeng's EV expertise and tech to strengthen its position in China, its largest market.
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