:max_bytes(150000):strip_icc()/GettyImages-2191800467-08210ff9c6e74095b8fbcc9e9d8a1cd8.jpg?w=1500&resize=1500,844&ssl=1 "XPeng, Volkswagen Team Up to Build Super-Fast EV Charging Network in China | Global News Avenue")
XPeng, Volkswagen Team Up to Build Super-Fast EV Charging Network in China
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2191800467-08210ff9c6e74095b8fbcc9e9d8a1cd8.jpg)
Main points
- Xpeng Motors and Volkswagen will jointly build a network of electric vehicle charging stations in China.
- The two automakers expect to produce more than 20,000 charging units to be installed in 420 cities.
- Xpeng Motors and Volkswagen plan to explore more strategic cooperation.
Chinese electric vehicle (EV) manufacturer Xpeng Motors (electric car) and Volkswagen’s Chinese unit reached an agreement on Monday to produce ultra-fast charging stations in China.
Xpeng Motors said the agreement calls for the construction of more than 20,000 charging stations in 420 cities. Xpeng Motors and Volkswagen will operate them and will be available to drivers of both vehicles.
The company explained that customers will benefit from the combination of the two companies’ technological advantages in “high-power liquid-cooled ultra-fast charging” and their business coverage in China.
Xpeng Motors added that the deal “will also extend to the possibility of building co-branded ultra-fast charging stations in China in the future.” It added that the two companies planned to explore more strategic cooperation.
American Depository Receipts (ADRs) Xpeng Motors’ stock price initially rose on the news, but the recent trend has not changed much. They are down more than 10% compared to the past year.
trading view
:max_bytes(150000):strip_icc()/GettyImages-2191800467-08210ff9c6e74095b8fbcc9e9d8a1cd8.jpg?w=1200&resize=1200,0&ssl=1&description=XPeng%2C+Volkswagen+Team+Up+to+Build+Super-Fast+EV+Charging+Network+in+China+%7C+Global+News+Avenue){kind=link}