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XPeng | 6-K: Master Agreement on Strategic Technical Collaboration and Joint Sourcing Program with Volkswagen Group

SEC announcement · Feb 29 06:13

XPEV -3.62%

Summary by Moomoo AI

XPeng Inc. has announced the signing of a Master Agreement on strategic technical collaboration and a Joint Sourcing Program with the Volkswagen Group. This agreement, which follows previous announcements on July 26, 2023, and December 6, 2023, regarding Volkswagen's purchase of a 4.99% stake in XPeng and a framework agreement, marks a significant milestone in the strategic partnership between the two companies. The Master Agreement will accelerate the joint development of two B-class battery electric vehicles (BEVs) and sets the stage for future strategic collaborations. The Joint Sourcing Program aims to reduce costs and achieve synergies by leveraging Volkswagen's supply chain and the combined scale of both companies. XPeng's Chairman and CEO, Xiaopeng He, highlighted the unprecedented nature of the partnership and the potential for delivering superior smart EV products to the Chinese market. Ralf Brandstätter, a Board Member of Volkswagen AG for China, emphasized the importance of speed in the EV market and the benefits of the partnership in terms of development times, efficiency, and cost optimization. The announcement was made on February 29, 2024, and shareholders and potential investors are advised to exercise caution when dealing in the securities of the company.

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