FRANKFURT, Germany, July 26 (Xinhua) -- The Volkswagen Group, Germany's leading carmaker, said on Wednesday that it aims to strengthen cooperation with local Chinese partners to exploit the booming electric vehicle (EV) market.
The company is acquiring a 4.99 percent stake in the Chinese electric vehicle startup XPeng by way of a capital increase worth around 700 million U.S. dollars. Simultaneously, the group's Audi brand has signed a strategic memorandum with its Chinese joint venture partner SAIC to further expand their existing cooperation.
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