VW teams up with Chinese start-up to manufacture its new EVs
Automotive giant, Volkswagen, has tapped Chinese start-up, Xpeng, to jointly develop new energy vehicles. The Wolfsburg-based car manufacturer would invest $700 million to purchase a 4.99 per cent stake in the company and an observer’s seat on the board, according to a LinkedIn post by Volkswagen China chief executive, Ralf Brandsatter. Both companies have outlined…