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XPeng Motors: Volkswagen Completes Over $700 Million Investment

December 7, 2023
in Technology
XPeng Motors: Volkswagen Completes Over $700 Million Investment
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On December 6th, XPeng Motors announced that Volkswagen’s investment in XPeng has been completed. According to the general authorization, a total of 94,079,255 shares were issued, with a subscription amount of approximately $705.6 million.

After the completion of the transaction, in Class A ordinary shares, Volkswagen Investment holds 4.99% of the shares under a nominee name, other shareholders hold 76.51%, and Class B ordinary shares account for 18.5%. The total number of shares is 1.885 billion. Volkswagen Group obtains one observer seat on XPeng Motors’ board of directors.

In addition, regarding the two B-class electric vehicle models jointly developed by XPeng Motors and Volkswagen, the official stated that the feasibility study of this project has achieved positive results and has been completed.

On July 26th this year, Volkswagen announced an investment of approximately $700 million in XPeng Motors, acquiring a 4.99% stake in the company. After the transaction is completed, Volkswagen will obtain an observer seat on XPeng‘s board of directors.

In the initial stage of cooperation, both parties plan to jointly develop two electric vehicle models under the Volkswagen brand for China’s mid-size car market, and aim to enter the market by 2026.

Speaking of the cooperation model between both parties, XPeng Motors expressed that based on XPeng G9 platform, Volkswagen will collaborate to develop two B-level SUVs from hardware to software. XPeng will provide the platform and technology while Volkswagen will handle engineering research and development, design, and manufacturing.

SEE ALSO: Xpeng Motors Stock Surges 40% After Reaching Agreement with Volkswagen

“Chinese automakers have very few companies that possess a full-stack self-developed capability. We are one of them, which is why we can collaborate with Volkswagen. This is a high recognition of our technology. In the past, the market did not value our technology much. We have always believed that our technology has great value.” XPeng Motors stated that monetizing their technology has always been their goal, and this time they have achieved it. Starting in 2024, entering the era of technology service revenue will be an important turning point for the company’s monetization of its technology, and it will greatly impact XPeng‘s valuation reference.

“We focus on technology and platforms. Our investments are relatively light in terms of assets, as they are all mass-produced items. The software aspect is also easily replicable, resulting in high gross margins.” XPeng Motors stated that they refuse to disclose specific pricing for hardware and software due to confidentiality agreements. In addition to the planned launch of new models, XPeng Motors also mentioned that they will introduce “updated versions of current models” next year. “We expect these new models to bring more favorable profit margins, which will help improve our profitability and product portfolio.”

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