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Volkswagen buys stake in Xpeng, will jointly develop two new EVs with the Chinese automaker


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Volkswagen and Xpeng will jointly develop two new VW-brand EVs for China based on Xpeng’s electric G9.
Chen Dongqiu | Visual China Group | Getty Images


Xpeng’s U.S.-traded shares were up more than 40% on Wednesday morning following the news.

Under the deal, Volkswagen and Xpeng will develop two midsize battery-electric models based on the platform that underpins Xpeng’s G9, a midsize electric crossover SUV.

In a separate statement confirming the deal, Xpeng said the two new vehicles will also incorporate its advanced driver-assist software.

The new EVs, which will be branded as VWs and sold only in China, are expected to launch in 2026.

Volkswagen is paying $15 per U.S.-traded share for its Xpeng stake and will receive a seat on the EV maker’s board of directors, subject to regulatory approvals.

Volkswagen also confirmed that its Audi subsidiary has signed a separate deal with its longtime Chinese joint venture partner, Shanghai-based SAIC Motor

“We are leveraging the strengths of Volkswagen and our partners to create synergies to bring additional products to market faster,” said Ralf Brandst?tter, Volkswagen’s China chief, in a statement. “In doing so, we focus on the specific needs of our customers in China. At the same time, we want to significantly optimize development and procurement costs.”

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