Volkswagen Group to strengthen cooperation with Chinese partner on EV market

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Volkswagen Group to strengthen cooperation with Chinese partner on EV market

STORY: Volkswagen Group to strengthen cooperation with Chinese partner on EV market DATELINE: July 31, 2023 LENGTH: 00:01:22 LOCATION: Beijing CATEGORY: ECONOMY SHOTLIST: 1. various of Volkswagen Group 2. various of XPeng 3. screenshots of media reports 4. various of city views in China STORYLINE: The Volkswagen Group, Germany's leading carmaker, has announced it will acquire a 4.99 percent stake in the Chinese electric vehicle startup XPeng by way of a capital increase worth around 700 million U.S. dollars. According to a technological framework agreement with XPeng, two Volkswagen-branded electric models for the mid-sized segment will be rolled out in 2026 in China. Reuters said in a report that the new models will plug a gap in Volkswagen's product lineup in China, where the market for new energy vehicles has grown faster than expected. CNN reported that China is the single largest market for Volkswagen and the German group said it "is stepping up the pace of its transformation in China, where the gr

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