US Premarket Tracking: Xpeng's Stock Rises as Its Partnership with Volkswagen Expands
Go Wire
January 6, 2025
GoGPT Summarizes Articles
Chinese electric car maker Xpeng $XPEV (HK: 9868) announced that it had collaborated with Volkswagen (ETR: VOWG) to develop an ultra-fast charging network in China.
The expanded collaboration intended to create one of China's largest ultra-fast charging networks, providing more than 20,000 charging posts in 420 cities for customers of both companies. The move is anticipated to improve the charging experience and accelerate the popularity of electric vehicles in China.
In 2023, Volkswagen bought a 4.99% stake in Xpeng for $700 million. Since then, the two companies have collaborated on many projects, including the joint development of electric vehicle models customized for the Chinese market and plans to launch two Volkswagen-branded electric vehicles by 2026.
Xpeng's delivery data show its strong momentum in China's electric vehicle market. 36,695 units were delivered in December, increasing 82% year-over-year and exceeding the industry average. In Q4, it delivered 91,507 units, up 52% YoY and above projected targets.
As of the pre-market session in the US stock market on Monday (Jan. 6), Xpeng rises 2.13%.
#$XPeng Inc. American depositary shares each representing two Class A ordinary shares(XPEV)