XPeng (XPEV) and Volkswagen enter $700M strategic EV partnership and share agreement

Western OEMs look to cut costs in fight against Chinese EV 'invasion'

July 27, 2023 2:31 PM EDT

French car maker, Renault announced Thursday that the company was aiming to cut its EV production costs by 40%, as growing fears of an "invasion" of cheap Chinese electric cars threaten western automakers.

CFO, Thierry Pieton, expressed that the most effective strategy against price competition is to reduce the company's own development and manufacturing expenses.

Although the goal to decrease costs by 40% is aimed for 2027 and beyond, CEO Luca de Meo stated that the group anticipates considerably lower production costs starting from the latter half of this... More

XPeng (XPEV) and Volkswagen Group (VWAGY) Enter Framework Agreement on Technical Collaboration; VW to Takes $700M Minority Stake in XPEV

July 26, 2023 9:16 AM EDT

XPENG Inc. (NYSE: XPEV), a leading Chinese smart EV company and the Volkswagen Group (OTC: VWAGY), one of the worlds leading automobile manufacturers, are pleased to announce today that XPENG and the Volkswagen Group have entered into a framework agreement on strategic technical collaboration and a share purchase agreement for strategic minority investment by the Volkswagen Group in XPENG. The objective of the strategic technical collaboration is to leverage each others complementary strengths and forge a long term win-win strategic partnership. Underpinned by the vision of the strategic... More

VW brand concludes technological framework agreement for long-term cooperation with XPENG (XPEV)

July 26, 2023 8:59 AM EDT

(Updated - July 26, 2023 9:11 AM EDT)

The Volkswagen Group is strengthening its position on the Chinese automotive market with cooperations between the VW brand and XPENG (NYSE: XPEV) and between Audi and SAIC. The Group is thus forging ahead with its local electrification strategy. The aim is to swiftly tap into new customer and market segments, thereby systematically leveraging the potential of Chinas dynamically growing e-mobility market.

The VW brand concludes technological framework agreement for long-term cooperation with XPENGIn addition, the Volkswagen Group is investing approximately US$700... More

XPeng (XPEV) PT Raised to $15.40 at HSBC

July 25, 2023 6:06 AM EDT

HSBC analyst Yuqian Ding raised the price target on XPeng (NYSE: XPEV) to $15.40 (from $10.00) while maintaining a Hold rating.... More

India Rejects $1B BYD proposal amidst 'security concerns'

July 24, 2023 2:36 PM EDT

The Economic Times reported over the weekend that India has rejected Chinese automaker BYDs proposal to set up a $1 billion factory in the country through a partnership with Hyderabad-based Megha Engineering and Infrastructure Ltd.

BYD submitted a $1 billion investment proposal earlier this month to build electric cars and... More