Volkswagen completed the acquisition of a 5% stake in XPENG for $700m.

Volkswagen, an automotive manufacturer, completed the acquisition of a 5% stake in XPENG, a smart EV company, for $700m. “The Volkswagen Group and XPENG each brings in highly complementary strengths into this long-term strategic partnership. We will share Smart EV technologies and world-class design and engineering capability with each other and learn from each other. Since the founding of XPENG, we have been developing full-stack technologies from EV platform to Connectivity and ADAS software in house. We are excited about the opportunity to contribute our expertise to the strategic partnership and create value for XPENG and our shareholders," Xiaopeng He, XPENG Chairman and CEO.