XPeng Motors Denies the Acquisition of Maserati

In the past few years, Chinese automobile brands have experienced rapid development, with many brands even expanding overseas and acquiring foreign major brands. Recently, there were rumors that the emerging automaker Xpeng Motors would acquire the luxury car brand Maserati. However, Xpeng Motors has now denied these rumors.

Regarding the news of acquiring Maserati, a representative from XPeng Motors responded that the rumors are false and there is no relevant acquisition matter.

In early August, the Italian luxury brand Maserati announced its overall financial and operational performance for the first half of this year. It sold 15,300 new cars, with an adjusted operating profit of $133 million and a profit margin increase from 6.6% to 9.2%.

XPeng Motors will announce its second-quarter financial results after market close on August 18th. The market expects that XPeng Motors’ revenue for the second quarter will be ¥5.091 billion(approximately $0.7 billion), a year-on-year decrease of 32%. Adjusted net profit is expected to reach ¥1.3 billion(approximately $0.18 billion), turning losses into profits compared to the same period last year.

SEE ALSO:Xpeng Motors Stock Surges 40% After Reaching Agreement with Volkswagen

Official data shows that XPeng Motors delivered 11,008 vehicles in July, marking the first time this year that monthly sales exceeded 10,000 units. Among them, the latest mid-size all-electric SUV model G6 accounted for over 3,900 deliveries. The production capacity of this vehicle is still increasing and cumulative orders have surpassed 30,000. It will become XPeng‘s main model going forward.

On July 29th this year, Volkswagen announced a major news that it would invest $700 million to acquire a 4.99% stake in XPeng Motors. This is not only a financial investment but also includes a technology framework agreement. In the initial stage of cooperation, both parties plan to jointly develop two electric vehicle models under the Volkswagen brand for the mid-size car market in China.

Earlier, Chinese electric vehicle startup NIO received a strategic equity investment of $738.5 million (approximately ¥5.295 billion) from CYVN Holdings, an investment firm under Abu Dhabi’s United Arab Emirates.