Volkswagen Group plans to invest $700 million in Xpeng and jointly develop electric vehicles in China as the German automaker fights to halt a sales slide in its most important market.
VW Group will eventually hold a 4.99 percent stake in the Chinese EV maker via a capital increase and is getting an observer board seat, VW said in a statement on Wednesday.
VW Group and Xpeng will develop two VW brand battery-powered models on the MEB platform at VW’s new technology center in…
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