TELETRADER News
7/26, 4:08 PM
(Source: TeleTrader)
XPeng rallies 40% on VW's $700M investment
Shares of Guangzhou Xiaopeng Motors Technology Co Ltd's (XPeng) listed on the New York stock exchange rallied following the opening bell on Wall Street, after the company revealed that Volkswagen Group will be investing $700 million in the China-based electric vehicle maker.
As part of the new arrangement, the two carmakers will also collaborate on the development of two B-class battery electric vehicle (BEV) models that will be sold in China under the Volkswagen name.
The company's stock soared 40.82% to $21.63 apiece at 10:07 am ET.