Summary by Futu AI
Xiaopeng Motor announced the signing of the Electronic Electrical Architecture Technology Strategic Cooperation Framework Agreement with Volkswagen Group, a continuation of the Strategic Technical Cooperation Framework Agreement reached by the two sides on 26 July and 6 December 2023. Based on its independently developed industry-leading electronic electrical architecture, Xiaopeng Automotive will be jointly developed and integrated with Volkswagen Group on the CMP platform in China, which is expected to be applied to EVs manufactured by Volkswagen in China from 2026. The cooperation will elevate the two sides' strategic cooperation to a new level and keep the products competitive in terms of technology and cost, said Hu Xiaopeng, CEO of Xiaopeng Auto. Chairman of Volkswagen Group (China) Berryd stressed that cooperation will accelerate meeting the needs of the Chinese market and increase efficiency and speed of R&D. Shareholders and potential investors should exercise caution and be mindful of the risks of forward-looking statements. The announcement was issued by the Board of Directors of Xiaopeng Motor on 17 April 2024.