XPEV Stock Alert: XPeng Expands EV Relationship with Volkswagen

XPeng (NYSE:XPEV) shares received a boost on Monday after the electric vehicle (EV) company announced an expansion of its relationship with Volkswagen (OTCQB:VWAG).

XPeng and Volkswagen have entered into a framework agreement for their cooperation in the field of electrical/electronic architecture (E/E architecture). This will enable them to develop locally produced vehicles with E/E architecture based on Volkswagen’s China Main Platform (CMP) and Modular Electric Drive Kit (MEB) platform.

They have set up project houses in Guangzhou and Hefei where their engineers can collaborate on development. The two also indicated that this framework agreement could enable further cooperation between them.

Ralf Brandstätter from Volkswagen commented on the agreement as follows.

“The rapid progress in the close cooperation between the Volkswagen Group and XPENG underlines the great potential of this partnership. With the joint development of a state-of-the-art E/E architecture, to which both partners contribute their technological expertise, we are now taking the next step together. For us at Volkswagen, this project is also the next milestone in the consistent implementation of our strategy ‘in China for China’.”

How this affects XPEV stock today

News of the growing collaboration between XPeng and Volkswagen sent XPEV stock up 6.6% on Monday morning, with around 5.2 million XPEV shares changing hands, still below the company’s daily average trading volume of around 13.2 million shares.

Investors should stay tuned today for more news from the stock market!

We have all the hottest stock market events that investors need to know about on Monday! Some examples include what is happening with the stocks of Richech Robotics (NASDAQ:RR), Tilray Brands (NASDAQ:TLRY) And Tesla (NASDAQ:TSL) share today. All this information is available under the following links!

More stock market news on Monday

At the time of publication, William White had no position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing guidelines.

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