The Chinese car manufacturer XPeng wants to build one of the largest fast-charging networks for electric vehicles in China together with Volkswagen.
As the companies announced on Monday, they will jointly build more than 20,000 charging stations in 420 cities in China. The powerful, liquid-cooled super-fast charging stations will be available to both XPeng and Volkswagen customers.
With this step, the companies are deepening their partnership. XPeng’s profits were boosted last year by robust revenue from technical collaborations with Volkswagen. The Chinese company’s gross margin was in double digits in the first three quarters of 2024.
XPeng shares rose 3.13 percent to HK$46.10 by the close of trading in Hong Kong on Monday. In premarket trading on the NYSE, the XPeng ADR temporarily rose by 1.96 percent to $11.94. Volkswagen’s preferred shares temporarily rose by 1.94 percent to 88.50 euros in XETRA trading.
By Jiahui Huang
DOW JONES
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