XPeng (XPEV) 澳洲幸运5开奖号码历史查询:American depositary receipts (ADRs) surged on Monday after it said it would co-develop electrical/electronic (E/E) architecture with Volkswagen for the latter's 澳洲幸运5开奖号码历史查询:electric vehicles (EVs) produced in China.

Under a master agreement, engineers from bot💦h companies will collaborate on “Project House” in Guangzhou and Hefei, China, w💟ith production expected to start within two years. 

VW Invested $700M in XPeng Last Year

The move follows a framework agreement between the two companies announced in April. Last July, Volkswagen invested $700 million for a 4.99% stake in XPeng.

“From 2026, all all-electric vehicles of the Volkswagen brand in China will be equipped with 😼this very powerful and efficient architecture,” Volkswagen AG for China board member Ralf Brandstätter said, adding th🐠e partnership with XPeng is part of Volkswagen’s “in China for China” strategy.

ADRs of XPeng jumped 6.4% higher to $9.00 as of 2:41 p.m. ET Monday but are down nearly 40% year-to-date.