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On February 29, Xiaopeng signed a joint development agreement on platform and software strategic technical cooperation between Xiaopeng and Volkswagen Group (hereinafter referred to as the "Joint Development Agreement"). This is another major progress in strategic cooperation between the two sides after Xiaopeng announced on July 26, 2023 and December 6, 2023 that Volkswagen acquired 4.99% of Xiaopeng's shares and the two sides reached a strategic technical cooperation framework agreement.

According to the agreement, the two sides will jointly develop two intelligent Internet models for China's medium-sized car market, the first two models have been confirmed to be launched in 2026, the first product is the SUV model. As can be seen from the preview of Volkswagen's first SUV, the side of the all-electric SUV is very similar to that of the Xiaopeng G9, with a slender body and a narrow light set. Previously, Xiaopeng said that the pure electric model in cooperation with Volkswagen will be based on Xiaopeng G9's electric vehicle platform and software, and Xiaopeng will contribute the whole vehicle platform as well as intelligent cockpit and intelligent driving system. Volkswagen provides the world's leading engineering and supply chain capabilities.

It is understood that Xiaopeng and Volkswagen have also signed a joint parts procurement plan to reduce platform costs by integrating the scale advantages of both sides and relying on the supply chain capabilities of Volkswagen Group. it also further enhances the product competitiveness of the B-class pure electric models jointly developed by both sides.

In July 2023, Volkswagen and Xiaopeng announced that they had signed a framework agreement on strategic technical cooperation and minority equity investment, and reached a long-term strategic partnership. The two sides plan to jointly develop two Volkswagen brand electric models for the medium-sized car market in China, which will complement the product portfolio based on the MEB platform and plan to enter the market in 2026. In December 2023, Volkswagen China bought a stake in Xiaopeng Motor. After the completion of the deal, Volkswagen China holds about 4.99% of Xiaopeng's share capital, making it the third largest shareholder of Xiaopeng Motor. Volkswagen only gets an observer seat on the board of directors of Xiaopeng Motor, but does not have the right to vote. Of course, the public may not care about whether they have a say or not. the main purpose of cooperation is to make use of Xiaopeng's mature electrification structure to help Volkswagen's electrification cause in China.

At present, although Volkswagen has made brilliant achievements in the era of traditional fuel vehicles, the current Chinese automobile market has entered an era of comprehensive electrification, and fuel vehicles have been gradually abandoned by the market. The advantages accumulated by Volkswagen and other traditional automobile giants are slowly fading, and all traditional automobile companies are facing the tremendous pressure of electrified transformation.

Traditional car companies are not as good as Chinese local car companies in the progress of electric transformation. even though Volkswagen's ID series is outstanding among many joint venture electric vehicles, it still has a lot of room for improvement compared with the products of BYD, Geely, Wei Xiaoli and other automobile companies. As for why Xiaopeng automobile is chosen, it is also a high recognition of Xiaopeng automobile self-research core technical competence. Compared with Weilai and ideal, Xiaopeng is more focused on the technology-led market, and since its inception, it has focused on the development and mass production of fully self-driving cars, and it has always been regarded as the "ceiling" of the high-level auxiliary driving ability of Chinese car companies. no matter in terms of brand influence or R & D strength, Xiaopeng is indeed the best choice for Volkswagen.

As more and more automakers cut prices in the Chinese market, Volkswagen's dominant position in the era of internal combustion engines is threatened, and Volkswagen has invested tens of billions of yuan in electrification. However, limited by the ability of smart cockpit and high-end smart driving, Volkswagen electric vehicle market performance is far below expectations, and cooperation with Xiaopeng Automobile can make up for Volkswagen's shortcomings. Of course, the first joint model of Volkswagen and Xiaopeng will not be available until 2026, and the current environment of the Chinese market may have undergone earth-shaking changes, and it will take time to see whether it can still achieve good results in the market.

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