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News Swiftly

Volkswagen and Xpeng to build super-fast charging network in China for EVs

Top Volkswagen and Xpeng executives pose at the German automaker's launch event in Beijing, China, on Aug. 24, 2024.

Shares of Volkswagen and Xpeng both rose on Monday after the two firms announced plans to expand their partnership in electric vehicle charging stations in China.

The German automaker and Chinese electric car firm signed a memorandum of understanding in which they pledged to open their respective super-fast charging networks to each others' customers. The collaboration will see more than 20,000 charging points operated by both firms in 420 cities across China.

Xpeng's Hong Kong-listed shares closed 3.4% higher on Monday. Volkswagen was up 2% in early trade in Europe.

Volkswagen and Xpeng will explore cooperation on co-branded super-fast charging stations, the companies said.

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