XPeng Inc. (“
XPENG,” NYSE: XPEV and HKEX: 9868),
a leading Chinese smart electric vehicle (“
Smart
EV”) company and the Volkswagen Group, one of the world’s
leading automobile manufacturers, are pleased to announce today
that, further to XPENG’s news releases dated July 26, 2023 and
December 6, 2023 in connection with the Volkswagen’s share purchase
of 4.99% shareholding in XPENG and the framework agreement on
strategic technical collaboration, XPENG and the Volkswagen Group
have entered into a Master Agreement on Platform and Software
strategic technical collaboration ("
Master
Agreement"), marking a significant milestone in the
strategic partnership of both parties. The executed agreements not
only accelerate the joint development of the two B-class battery
electric vehicles but also pave the way for an extended and deeper
strategic collaboration in the future.
As part of the Master Agreement, both parties have also entered
into a Joint Sourcing Program for the common parts of vehicles and
platform that used by both parties. By sharing the scale of both
parties combined and leveraging Volkswagen Group's world-class
supply chain, the Joint Sourcing Program will target to jointly
reduce the cost of the platform, achieving significant synergies
for the strategic partnership and competitiveness of the B-class
BEVs being jointly developed.
“The signing of the Master Agreement represents another
significant milestone we achieved together with our partner
Volkswagen Group. There is no precedent of the strategic
partnership between Volkswagen and XPENG. However, the commitment
by both companies and the trust built between our R&D teams
over the past eight months have made the success of our project
possible. Combining Volkswagen's highly reputable vehicle
development and engineering capability with XPENG's Smart EV
technologies, we will deliver the best smart EV products to Chinese
consumers,” said Mr. Xiaopeng He, Chairman and CEO of XPENG. “With
the long-term vision of our strategic partnership, both parties
contribute their best to the partnership. We have started to
realize synergies through our Joint Sourcing Program. I firmly
believe there is a lot of upside potential to this partnership that
we can explore.”
Ralf Brandstätter, Board Member of Volkswagen AG for China: “In
the world's largest and fastest-growing EV market, speed is
fundamental when it comes to tapping into promising market
segments. To constantly increase our local portfolio, we are
expanding our own development capacities in China. Thereby,
consistently following our strong “in China, for China” approach
focusing on the specific needs of the Chinese customers. Through
the partnership with XPENG, we are not only accelerating
development times, but also boosting efficiency and optimizing cost
structures. This increases the competitiveness in a highly price
sensitive market environment significantly.”
Brandstätter added: “The fast finalisation of the Master
Agreement after the strategic partnership announcement last year
already shows the great potential of this collaboration. The two
teams are working closely together with a clear goal: to combine
the strengths of both parties to bring smart products onto the road
for our customers.”
About XPENG
XPENG is a leading Chinese Smart EV company that designs,
develops, manufactures, and markets Smart EVs that appeal to the
large and growing base of technology-savvy middle-class consumers.
Its mission is to drive Smart EV transformation with technology,
shaping the mobility experience of the future. In order to optimize
its customers’ mobility experience, XPENG develops in-house its
full-stack advanced driver-assistance system technology and in-car
intelligent operating system, as well as core vehicle systems
including powertrain and the electrical/electronic architecture.
XPENG is headquartered in Guangzhou, China, with main offices in
Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. XPENG’s
Smart EVs are mainly manufactured at its plants in Zhaoqing and
Guangzhou, Guangdong province. For more information, please visit
https://www.xpeng.com.
About Volkswagen Group China
Volkswagen Group is one of the earliest and most successful
international partners of China’s automobile industry. The
company’s success story started in 1978 when the Volkswagen Group
first began to engage with its Chinese counterparts. In 1984, SAIC
Volkswagen Corporation Ltd., Volkswagen Group’s first joint venture
in China, was founded in Shanghai. In 1991, FAW-Volkswagen
Corporation Ltd. was established in Changchun. In 2017, the
Volkswagen Group launched Volkswagen (Anhui) Automotive Company
Limited, with a focus on the R&D and manufacture of new energy
vehicles (NEVs). In 2021, the Audi FAW NEV Company was
incorporated, focusing on the manufacture of luxury battery
electric vehicles (BEVs) in China. The business scope of Volkswagen
Group in China includes the production, sales and services of whole
vehicles and parts, such as engines and transmissions. Some of the
Group’s auto brands — including VGIC, Volkswagen Passenger Cars
Brand, Volkswagen Commercial Vehicles, Audi, ŠKODA, JETTA, Porsche,
Bentley, Lamborghini, and Ducati — have a business presence in
China through Volkswagen Group China and its subsidiaries. In 2023,
Volkswagen Group China delivered over 3.23 million vehicles to
customers in the Chinese mainland and Hong Kong, together with its
Chinese joint venture partners. By the end of 2023, Volkswagen
Group China had over 90,000 employees.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as “will,” “expects,” “anticipates,” “future,” “intends,”
“plans,” “believes,” “estimates” and similar statements. Statements
that are not historical facts, including statements about XPENG’s
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: XPENG’s
goals and strategies; XPENG’s expansion plans; XPENG’s future
business development, financial condition and results of
operations; the trends in, and size of, China’s EV market; XPENG’s
expectations regarding demand for, and market acceptance of, its
products and services; XPENG’s expectations regarding its
relationships with customers, contract manufacturers, suppliers,
third-party service providers, strategic partners and other
stakeholders; general economic and business conditions; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in XPENG’s
filings with the SEC. All information provided in this press
release is as of the date of this press release, and XPENG does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
Contacts:
For Investor Enquiries:IR Department XPeng
Inc.Email: ir@xiaopeng.com
Jenny CaiPiacente Financial CommunicationsTel: +1 212 481 2050 /
+86 10 6508 0677Email: xpeng@tpg-ir.com
For Media Enquiries:PR Department XPeng
Inc.Email: pr@xiaopeng.comSource: XPeng Inc.
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