Volkswagen partners with Chinese electric car maker Xiaofeng Yi Lingpao.
German automaker Volkswagen is pursuing a collaboration with electric vehicle startup Lingpao, following its joint venture with Chinese EV maker Xiaofeng, Chinese media outlet China Daily reported today (March 3).
“Volkswagen is seeking cooperation in the form of buying platform technology from Lingpao and applying it to the production of its compact sedan, the Jetta,” the publication said, “a different approach from the joint venture with Xiaofeng.”
“Negotiations on partnerships with foreign companies have reached an in-depth stage,” said Lingpao Chairman Zhu Jiaming, adding that an EV-related company will produce models researched and developed by Lingpao.
Earlier, on March 26, Volkswagen announced that it would buy a 5% stake in Xiaofeng for $700 million, or RMB 91 billion, and that the two companies would jointly launch two mid-size electric vehicles in China.
A day later, on March 27, Volkswagen Group’s Audi signed a strategic memorandum of understanding with Xiaofeng to jointly develop intelligent and connected electric vehicles.
Volkswagen and Audi’s increased cooperation with Chinese players is seen as a step toward increasing their share of China’s EV market, which is the largest in the world.
Global financial firm HSBC has predicted that of the 14.1 million electric vehicles that will be sold in the global auto market this year, 먹튀검증토토사이트 nearly 60 percent will be sold in China.