XPeng CEO Visits Volkswagen Germany As Partnership Deepens: Report

Chinese electric vehicle manufacturer XPeng Inc.'s XPEV CEO, He Xiaopeng, reportedly engaged in a meeting with executives from Volkswagen AG VWAGY in Germany, shedding a bullish light on the blossoming partnership with Europe's largest automaker.

Xiaopeng engaged in discussions with Volkswagen CEO Oliver Blume and China chief Ralf Brandstätter at the company's main office in Wolfsburg in late September, according to a news report by Bloomberg, citing a post on Weibo, a Chinese social media platform.

"I was extremely awed by VW's capabilities in product and engineering design as well as large-scale manufacturing, and have full confidence and more visions on a long-term win-win collaboration," the post read, as noted by Bloomberg.

In July, Volkswagen announced its intention to invest $700 million in XPeng and collaboratively develop electric vehicles (EVs) in China.

"The strategic partnership on supply chain allows us to further reduce costs," Xiaopeng wrote, counting that XPeng would "learn from VW on going global," as noted by Bloomberg.

The deal ambitiously seeks to harness Volkswagen's scale and XPeng's cutting-edge technology, aiming to supercharge VW's status in the globe's largest automotive arena while arming its Chinese ally to slice through costs amidst the tempest of a "fierce EV price war."

Volkswagen architects have been meeting regularly with their XPeng counterparts to design the new model platform and operate other details of the partnership, the report added.

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Price Action: XPEV shares are trading lower by 3.16% to $16.47 on the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.