Volkswagon to invest $700M into Chinese EV carmaker Xpeng
Volkswagen AG plans to invest $700 million in Xpeng Inc. and jointly develop electric vehicles in China.
Why it matters: The automaker is seeking to boost struggling sales in the world's largest auto market.
Details: VW is expected to hold a 4.99% stake in the Chinese company and is getting an observer board seat.
- The German auto giant also said that its Audi brand signed an agreement with its long-term Chinese partner SAIC Motor Corp Ltd. to expand its EV offering.
Separately: Nissan told investors this morning it would refocus on boosting flagging sales in China, now that it's finalized an up to $633 million investment in Renault's EV unit, Ampere.