Investing.com – Shares of the Chinese electric vehicle manufacturer Shpeng Shares of (NYSE:) Inc (HK:) rose on Monday after announcing an expanded partnership with Volkswagen (ETR:) to develop a network of ultra-fast charging stations across China.
The goal of the collaboration is to create one of the largest networks of ultra-fast charging stations in the country, providing mutual access to more than 20,000 charging stations in 420 cities for customers of both companies. The initiative is expected to expand charging options and accelerate the adoption of electric vehicles in the region.
Hong Kong-listed Xpeng shares rose 5.3% to HK$47.05.
In 2023, Volkswagen acquired a 4.99% stake in XPeng for $700 million. Since then, the two companies have collaborated on various projects, including jointly developing electric vehicle models tailored for the Chinese market, and plan to introduce two electric vehicles under the Volkswagen brand by 2026.