Every reporter: Sun Lei Every editor: Pei Jianru
On the evening of December 6th, Xpeng Motors (09868.HK) announced that it had signed a technical framework agreement with Volkswagen (China) Investment Co., Ltd. (hereinafter referred to as Volkswagen) on strategic technical cooperation. At the same time, Xpeng Motors issued Class A ordinary shares to Volkswagen (or the nominee of Volkswagen, which is an affiliated company of Volkswagen) according to the share purchase agreement and general authorization.
Image source: Xpeng Motors Announcement
Xpeng Motors claims that all preconditions contained in the share purchase agreement have been met and the investment was completed on December 6, 2023 according to the terms and conditions of the share purchase agreement. A total of about 94,079,300 shares of Class A common stock (subscription shares) have been successfully allotted and issued to Volkswagen Finance Luxemburg S.A (an affiliate of Volkswagen, that is, an investor) at the purchase price of US$ 15 per ADS (based on the exchange rate of HK$ 7.8096 to US$ 1.00 per ADS).
It is understood that the above-mentioned 94,079,300 Class A ordinary shares account for about 4.99% of the total issued and circulating share capital in Xpeng Motors after the transaction.
The announcement shows that the total purchase price of all subscribed shares is about 705.6 million US dollars. The net income from investment is about $704.6 million. The net purchase price is about US$ 15 per ADS (equivalent to about HK$ 58.5 per Class A common stock).
After the completion of the transaction, among Class A common shares, Volkswagen invested in nominee shares of 4.99%, other shareholders accounted for 76.51%, Class B common shares accounted for 18.5%, and the total number of shares was 1.885 billion shares. Volkswagen won an observer seat on the board of directors of Xpeng Motors. Xpeng Motors, for its part, indicated that it planned to use the net proceeds from the investment for general corporate purposes, including meeting the needs of working capital.
On July 26th this year, Volkswagen and Xpeng Motors reached a technical framework agreement. As part of the cooperation, audi ag will increase the capital of Xiaopeng Automobile by about 700 million US dollars, and acquire about 4.99% equity of Xpeng Motors at the price of 15 US dollars per ADS (*).
According to Volkswagen, the two parties plan to jointly develop two Volkswagen brand electric vehicles for the mid-size car market in China. These two new cars, which are exclusively for China market, will complement the product portfolio based on MEB platform, and are planned to go to market in 2026.
Image source: Every photo by reporter Li Xing (data map)
Xpeng Motors revealed that in terms of strategic and technical cooperation, Xpeng Motors and audi ag will jointly develop vehicles based on Xpeng Motors’s G9 vehicle platform, intelligent cockpit and advanced driver assistance system software. In addition, the two sides will explore other potential strategic cooperation in various fields, including future cooperation in electric vehicle platforms, software technology and supply chain.
On October 12th, He Xiaopeng, Chairman and CEO of Xpeng Motors, wrote in Weibo that he visited the headquarters in Wolfsburg, audi ag at the end of September. "In the past few months, the models jointly developed by us have been accelerating. The technical teams of both sides, like an entrepreneurial team, are fully committed to the common goal and advance at full speed; The strategic cooperation promoted in the supply chain will bring us the potential to reduce costs together. " He Xiaopeng said.
"The cooperation between Xpeng Motors and Volkswagen is progressing smoothly, and the two sides will meet twice a week. We have many people in Volkswagen, and Volkswagen also has many people in Guangzhou (referring to Xpeng Motors headquarters). We are talking about the current deal and more deals. " During the 1024 Xpeng Motors Science and Technology Day, He Xiaopeng said in an interview with national business daily.
Image source: Every photo by reporter Kong Zesi (data map)
In addition, He Xiaopeng also revealed that after reaching the cooperation, Volkswagen studied the products of Xpeng Motors. "This is Tucki and Volkswagen reached a cooperation, Volkswagen executives told me. They think that Xpeng Motors’s spare parts procurement cost is higher than that of its peers, which has also triggered other incidents (referring to the announcement that Li Feng, the head of the procurement department, was suspended in Xpeng Motors, and several employees cooperated with the investigation. ）。” He Xiaopeng said.
In the above announcement, Xpeng Motors also said that two Class B pure electric vehicles jointly developed by it and Volkswagen have made great progress, and the feasibility study of the project has achieved positive results and has been completed. In addition, the two sides are actively evaluating more in-depth cooperation in smart electric vehicle technology.
national business daily