Xpeng in talks with VW about buying a factory in Europe

{"text":[[{"start":10.6,"text":"Xpeng, often known as China’s Tesla, is in talks with Volkswagen and other carmakers about buying a factory in Europe as it looks to expand international sales."}],[{"start":21.1,"text":"“We are . . . discussing with [Volkswagen] to see if there is any possibility we can find a location here in Europe,” Elvis Cheng, Xpeng’s managing director of northeastern Europe, told the FT’s Future of the Car summit on Wednesday. VW did not immediately respond to a request for comment."}],[{"start":39.650000000000006,"text":"The German carmaker in 2023 invested $700mn for a 5 per cent stake in Xpeng in a deal that also involves the co-development of electric vehicles in China. "}],[{"start":51.650000000000006,"text":"VW has said it needs to offload excess production capacity in Europe in response to weaker demand and rising competition. Xpeng builds its vehicles in the region at contract manufacturer Magna Steyr’s plant in Austria. But Cheng said the production line was running out of capacity. "}],[{"start":68.9,"text":"The Chinese carmaker would also consider building a new European plant. “We think not all the factories can satisfy the requirements of our latest or future product requirements,” Cheng said, adding that VW’s plants were “a little bit old”."}],[{"start":null,"text":"

"}],[{"start":null,"text":""}],[{"start":83.2,"text":"Like Tesla, Xpeng is also developing “flying” cars and humanoid robots, which it wants to bring to Europe next year."}],[{"start":90.35000000000001,"text":"VW is in the midst of a significant restructuring programme, with plans to reduce capacity by about 750,000 vehicles a year and cut tens of thousands of jobs in Germany by 2030. "}],[{"start":102.50000000000001,"text":"It is also seeking to cut a further 500,000 units of annual capacity across Europe with particular focus on underused factories in Germany."}],[{"start":113.40000000000002,"text":"The carmaker has previously indicated that it is seeking alternative uses for its plants, including production of VW vehicles currently made in China or allowing partners in the Asian nation to take up spare capacity. "}],[{"start":125.60000000000002,"text":"Oliver Blume, the group’s chief executive ​said at the end of April that the company was considering whether “there are opportunities for our Chinese partners in Europe” to use some excess capacity. "}],[{"start":143.55000000000004,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1778729493_5362.mp3"}