Volkswagen and Xpeng have announced an expansion of their partnership aimed at enhancing electric vehicle (EV) charging infrastructure in China. During a launch event in Beijing on August 24, 2024, the companies signed a memorandum of understanding, committing to make their super-fast charging networks accessible to each other’s customers. This collaboration will establish over 20,000 charging points across 420 cities in China, significantly boosting the availability of charging stations critical for EV adoption. Following the announcement, shares of both companies saw an increase, with Xpeng’s shares rising 3.4% and Volkswagen’s shares up 2% in early trading.
Olaf Korzinovski, Volkswagen Group China’s executive vice president, emphasized that this partnership aims to create one of the largest super-fast charging networks in China, facilitating e-mobility integration for users in urban and rural areas alike. The competition in the EV market increasingly revolves around charging infrastructure, as demonstrated by Tesla’s expansion of its Supercharger network in the region. Volkswagen is further advancing its commitment to the Chinese market, having invested $700 million in Xpeng in 2023 and planning to jointly develop two electric car models for China by 2026.
