Summary by Futu AI
XPeng and Volkswagen announced that, following the previously signed strategic cooperation framework agreement for electronic and electrical architecture technology, the two parties signed a joint development agreement on April 17, 2024. The cooperation will focus on developing advanced electronic and electrical architecture for Volkswagen's CMP and MEB platforms produced in China. During the cooperation, XPeng and Volkswagen Group will establish a joint development project team in Guangzhou and Hefei, and the first model is expected to be mass-produced in about 24 months. In addition, the two parties will explore further cooperation to expand the application scope of electronic and electrical architecture, and strengthen the strategic partnership. He Xiaopeng, Chairman of XPeng, and Stephan Wöllenstein, Chairman of Volkswagen Group (China) both expressed their positive expectations for this cooperation. Shareholders and potential investors of the Company are reminded to exercise caution when dealing in the securities.
