Chinese electric vehicle manufacturer XPENG has chosen Magna International Inc. to assemble two new EV models in Europe, marking the first Chinese automaker to localize production at Magna’s facility in Graz, Austria. This strategic move aligns with XPENG’s commitment to enhance its presence in the European market, with serial production set to commence in the third quarter of 2025. The collaboration signifies a key milestone for Magna as it expands its complete vehicle assembly operations with Chinese OEMs. With extensive experience in vehicle manufacturing, Magna is positioned to support XPENG in achieving its ambitious goals for the region.
In other market news, QuantumScape was trading firmly up 12.4% and closing at $9.95. Meanwhile, THOR Industries softened, down 4.8% to close at $105.01.
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Tesla ended the day at $395.94 up 7.4%.
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BYD finished trading at HK$108.10 up 3.4%.
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NIO ended the day at $6.22 up 2.5%.
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