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| Name | Symbol | Market | Type |
|---|---|---|---|
| XPeng Inc | NYSE:XPEV | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.04 | 0.49% | 8.20 | 123,784 | 13:25:54 |
From May 2023 to May 2024
By Will Feuer
Volkswagen is taking a roughly 5% stake in Chinese electrical vehicle maker Xpeng as part of a broader collaboration through which the companies will jointly develop two B-class battery EVs for sale in China.
Xpeng will issue Class A ordinary shares in the company that equal about 4.99% of the company's outstanding share capital and sell them at a price of $15 per American depositary share to Volkswagen. The investment will total about $700 million, the companies said.
The battery EVs that the two companies plan to jointly develop will be sold in the Chinese market under the Volkswagen brand, the companies said. The models are expected to start production in 2026.
The companies said they will explore other opportunities for cooperation.
New York-listed ADSs of Xpeng climbed 17.5% to $18.05 in morning trading.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 26, 2023 09:50 ET (13:50 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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