Volkswagen, one of the world’s largest automobile manufacturers, has announced its plans to invest $700 million in Chinese electric vehicle manufacturer XPeng. The German automotive giant aims to increase its presence in the Chinese market by acquiring a 4.99% stake in XPeng. As part of the agreement, VW and XPeng will manufacture electric vehicles under the VW brand name for the Chinese market. Additionally, the German automotive group has also announced the expansion of its partnership with SAIC and Audi for the production of luxury electric vehicles.
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