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Exchange $700 million for 4.99% equity! Xiaopeng Motors announces that Volkswagen has completed its investment in the joint venture model and has passed the feasibility study

芊芊551
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On the evening of December 6th, Xiaopeng Motors (09868. HK) announced that it had signed a technical framework agreement with Volkswagen (China) Investment Co., Ltd. (hereinafter referred to as Volkswagen) for strategic technical cooperation. At the same time, Xiaopeng Motors issued Class A common shares to Volkswagen (or a nominee of Volkswagen, which is an affiliate of Volkswagen) in accordance with the general authorization under the share purchase agreement.
Xiaopeng Automobile Announcement
Xiaopeng Motors stated that all the prerequisites stated in the share purchase agreement have been met, and the investment has been completed on December 6, 2023, in accordance with the terms and conditions of the share purchase agreement. A total of approximately 94.0793 million Class A common shares (subscription shares) have been successfully allocated and issued to Volkswagen Finance Luxembourg S.A. (a subsidiary of Volkswagen, also known as the investor nominee) at a purchase price of $15 per American Depositary Share (calculated based on the exchange rate of HKD 7.8096 to $1.00 representing two Class A common shares per American Depositary Share), with a total face value of $940.79255.
It is understood that the above-mentioned 94.0793 million shares of Class A common stock account for approximately 4.99% of the total issued and publicly traded share capital of Xiaopeng Motors after the completion of the transaction.
The announcement shows that the total purchase price for all subscribed shares is approximately 705.6 million US dollars. The net amount of investment income is approximately 704.6 million US dollars. The net purchase price is approximately $15 per American depositary share (equivalent to approximately HKD 58.5 per Class A common share).
After the completion of the transaction, Volkswagen Investment's nominee shares accounted for 4.99% of the A-class common shares, other shareholders accounted for 76.51%, and B-class common shares accounted for 18.5%, with a total of 1.885 billion shares. Volkswagen has obtained an observer seat on the board of directors of Xiaopeng Motors. Xiaopeng Motors has stated that it plans to use the net proceeds from its investment for general corporate purposes, including meeting operational capital needs.
On July 26th this year, Volkswagen and Xiaopeng Motors reached a technical framework agreement. As part of the cooperation, Volkswagen Group will increase its capital to Xiaopeng Motors by approximately $700 million and acquire approximately 4.99% of Xiaopeng Motors' equity at a price of $15 per ADS (*).
Volkswagen has stated that both sides plan to jointly develop two electric models under the Volkswagen brand for the mid size car market in China. These two new cars, exclusively for the Chinese market, will supplement the product portfolio based on the MEB platform and are planned to enter the market in 2026.
Xiaopeng Motors revealed that in terms of strategic technology cooperation, Xiaopeng Motors and Volkswagen Group will jointly develop vehicle models based on Xiaopeng Motors' G9 model platform, intelligent cockpit, and advanced driving assistance system software. In addition, both sides will explore other potential strategic cooperation in multiple fields, including future cooperation in electric vehicle platforms, software technology, and supply chain.
On October 12th, He Xiaopeng, Chairman and CEO of Xiaopeng Motors, posted on Weibo stating that he visited the Wolfsburg headquarters of Volkswagen Group at the end of September. "In the past few months, our jointly developed car models have been accelerating, and the technical teams of both sides are like an entrepreneurial team, fully committed and advancing at full speed for a common goal. The strategic cooperation in the supply chain will bring us the potential for common cost reduction." He Xiaopeng said.
"The cooperation between Xiaopeng Motors and Volkswagen is progressing smoothly, with approximately two meetings per week. We have many personnel at Volkswagen, and Volkswagen also has many personnel in Guangzhou (referring to Xiaopeng Motors' headquarters). We are discussing the current deal (agreement) and more deals (agreement)." He Xiaopeng said in an interview with the Daily Economic News on the 1024 Xiaopeng Automotive Technology Day.
In addition, He Xiaopeng also revealed that after reaching a cooperation agreement, Volkswagen studied Xiaopeng's products. "This time, after Xiaopeng and Volkswagen reached a cooperation agreement, Volkswagen executives told me. They believed that Xiaopeng's parts procurement costs were higher than their peers, which also triggered other events (referring to Xiaopeng's internal announcement of the suspension of procurement department head Li Feng and multiple employees cooperating in the investigation)." He Xiaopeng said.
In the above announcement, Xiaopeng Motors also stated that significant progress has been made in the development of two B-class pure electric vehicles jointly with Volkswagen. The feasibility study of the project has achieved positive results and has been completed. In addition, both sides are actively evaluating deeper cooperation in the field of intelligent electric vehicle technology.
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