Summary by Futu AI
XIAO PENG AUTOMOBILE AND VOLKSWAGEN GROUP ANNOUNCED THE SIGNING OF A STRATEGIC TECHNOLOGY COOPERATION JOINT DEVELOPMENT AGREEMENT AND JOINT PROCUREMENT PLAN, AN IMPORTANT STEP FORWARD FOLLOWING THE TWO SIDES REACHED A STRATEGIC TECHNICAL COOPERATION FRAMEWORK AGREEMENT LAST YEAR. The collaboration will accelerate joint R&D of two Class B pure electric vehicles and increase product strength by reducing costs by sharing parts. He Xiaopeng, CEO of Xiaopeng Auto, said that this unprecedented cooperation will create high-quality smart electric cars for Chinese consumers. Berid, Director of the China Region of Volkswagen Group, stressed that the cooperation will shorten the development cycle, improve efficiency and increase economic competitiveness in a highly competitive market. Shareholders and potential investors should exercise caution. The announcement date is 29 February 2024.