XPeng Inc. (XPEV, Financial) saw its stock rise by 1.96% to $11.94 in pre-market trading. The increase follows the announcement of a memorandum of understanding (MOU) between XPeng and Volkswagen Group China. This partnership aims to create the largest ultra-fast charging network in China.
Both companies will open their proprietary, industry-leading ultra-fast charging networks to each other’s customers. This collaboration will allow access to a network of over 20,000 charging terminals, covering 420 cities across China. The initiative is set to enhance the charging experience for customers of both XPeng and Volkswagen Group China.
Additionally, XPeng and Volkswagen plan to explore the joint construction of co-branded ultra-fast charging stations. This move is expected to accelerate the development of the charging infrastructure, further improving customer convenience.
