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Xpeng talks about cooperation with Volkswagen

Xpeng and Volkswagen recently reached a strategic cooperation. In the agency conference call, Xpeng talked about some details of the cooperation between the two parties.

On the evening of July 26, Volkswagen announced that it will increase its capital to Xpeng by about US$700 million, and subscribe for about 4.99% of Xpeng’s equity at a price of US$15 per ADS. After the transaction is completed, Volkswagen will receive an observer seat on the board of Xpeng. In the initial stage of cooperation, the two parties plan to jointly develop two electric models of the Volkswagen brand for the mid-size car market in China, and plan to enter the market in 2026.

Talking about the cooperation model between the two parties, Xpeng said that based on the Xpeng G9 platform, Volkswagen will build two B-class SUVs from hardware to software. Xpeng provides the platform and technology, and Volkswagen does engineering research and development, design and manufacturing.

“Chinese OEMs have very few full-stack self-developed companies. We are one of them, so we can cooperate with the public. This is a very high recognition of our technology. In the past, the market did not value our technology too much. We have always believed that our technology has high value.” Xpeng said that the realization of technology has always been the direction Xpeng wants to achieve, and this time it has achieved this goal. Entering the era of technical service revenue in 2024 is an important inflection point for the company’s technology realization, and the reference of technical service revenue to Xpeng’s valuation has also changed greatly.

“We do technology and platforms. Our investment is relatively asset-light, and they are all things that have been mass-produced. The software is also relatively easy to copy, so it is high-margin.” Xpeng said, but as for the specific pricing of hardware and software, Xpeng refused to disclose it on the grounds of confidentiality agreements.

Will the cooperation between the two parties affect Xpeng’s product line? Xpeng believes that there is potential competition, but the impact of competition is far less than the long-term value of cooperation. Strategic cooperation is to learn from each other and make progress together. Through cooperation, we can learn a lot of things that Xpeng does not know.

In addition, this cooperation has brought a lot of traffic. Xpeng is also talking internally about how to use the cooperation opportunities with the public to bring sales attention and sell the G9 better. “The current sales of the G9 are far below our expectations, and Volkswagen has not made any restrictions on our publicity.”

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James Lopez
James Lopezhttps://www.techgoing.com
James Lopez joined Techgoing as Senior News Editor in 2022. He's been a tech blogger since before the word was invented, and will never log off.

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