Volkswagen to invest $700m in Xpeng to boost EV lineup in China

Volkswagen to invest $700m in Xpeng to boost EV lineup in China

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File photo

Volkswagen is partnering with Chinese EV startup Xpeng and joint venture partner SAIC to build new models and potentially co-create platforms, it said on Wednesday, as it attempts to use local expertise to protect market share.