The companies announced Monday that XPeng (NYSE:XPEV) and Volkswagen’s China division have teamed to build a national electric vehicle (EV) charging network. The deal seeks to generate more than 20,000 high-power charging stations for installation in 420 cities.
Both automakers and open to drivers of vehicles from either brand will co-operatively run the stations. XPeng underlined the technological synergies in the partnership, including developments in “high-power liquid-cooled super-fast charging,” and their extensive coverage over China. Plans to investigate the building of co-branded charging stations and more broad-based strategic partnerships in the future also form part of the agreement.
Originally jumping on the news, XPeng’s American depositary receipts settled down in later trade. The stock has stayed down more than 10% during the past year. As adoption speeds up, especially in China, the largest EV market in the world, this alliance underscores increasing efforts by automakers to solve infrastructural issues.
This article first appeared on GuruFocus.
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