Volkswagen to invest RM3.17 bil in Xpeng, to jointly develop EVs for China – Audi to also work with SAICto jointly develop new electrified models for the Chinese market. The deal will see the German automaker obtaining a 4.99% share and an observer’s board seat in Xpeng, Volkswagen China CEO Ralf Brandstaetter said via a LinkedIn post.
The new models are expected to plug a gap in VW’s product lineup in China, where the market for EVs, categorised as new energy vehicles, has grown faster than expected, leaving the German carmaker lagging behind local competitors as well as Tesla. “The reason we are doing this is clear. Already, more than 30% of newly-registered vehicles in China are electrified. The tipping point is expected in 2025, when that figure will reach 50%. We will seize this huge market growth potential,” he said in his post.
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