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XPeng Inc (NYSE:XPEV) shares are trading lower in the premarket session on Thursday.
Chinese stocks are plunging amidst reports indicating the Biden administration’s contemplation of imposing chip sale restrictions on China, intensifying geopolitical tensions between the U.S. and China.
According to Benzinga Pro, XPEV stock has lost over 39% in the past year. Investors can gain exposure to the stock via SPDR S&P Kensho Smart Mobility ETF (NYSE:HAIL).
Meanwhile, Volkswagen AG’s (OTC:VWAGY)(OTC:VLKAF) technology partnership with XPeng is progressing, with reports indicating that hundreds of Volkswagen engineers have commenced work at Xpeng’s Guangzhou campus, enhancing their collaboration in electric vehicle technology.
The collaboration between the two sides spans a broad spectrum of areas, marking an unprecedented depth in their cooperation, reported CnEV Post.
On July 26, 2023, Volkswagen disclosed its plan to invest approximately $700 million in acquiring around 4.99% of XPeng.
Both companies intend to collaborate on developing two Volkswagen-branded EV models utilizing Xpeng’s G9 platform, specifically targeting China’s mid-size car segment.
Volkswagen announced on April 11 that it plans to manufacture two Volkswagen-branded models co-developed with Xpeng in Hefei. The first model, a mid-size SUV, is scheduled to begin production in 2026.
The partnership exemplifies a foreign carmaker harnessing technology from a Chinese counterpart in the EV era, a trend that several other automakers have also embraced since then, CnEV Post added.
Recently, XPeng’s G6 model made its U.K. debut at the Goodwood Festival of Speed 2024, which showcases its latest SUV model.
XPeng announced that the G6 will be available for ordering in the U.K. later this year.
Price Action: XPEV shares are trading lower by 0.93% to $8.53 premarket at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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