Volkswagen is investing $700mn in electric vehicle group Xpeng as the two join forces to boost the German carmaker’s lagging sales in China.
The deal will give VW a 5 per cent stake in the Guangzhou-based group as well as a seat as an “observer” on its board.
VW said the “initial stage” of their relationship would focus on jointly developing two VW-branded “midsized” electric vehicles, one of which is planned to hit Chinese roads in 2026.
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