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- 2023-02-19
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Canadian auto parts maker Magna International will assemble electric vehicles (EVs) for Chinese EV maker Xpeng in Europe, with production slated to start in Q3 2025 at its factory in Graz, Austria. This deal marks the first time Magna will handle complete vehicle assembly for a Chinese manufacturer and is a strategic move to help Xpeng expand into the European market.
Key Details of the Partnership
Key Details of the Partnership
- Who: Magna International (a Canadian company) and Xpeng (a Chinese EV automaker).
- What: Magna will assemble two of Xpeng's EV models.
- Where: Magna's facility in Graz, Austria.
- When: Serial production is expected to begin in the third quarter of 2025.
- Market Expansion:
The partnership will help Chinese automakers like Xpeng enter and grow in the European market.
- Strategic Growth:
For Magna, this represents an opportunity to expand its services beyond parts manufacturing into full vehicle assembly for new partners.
- Industry Landscape:
The deal occurs amidst broader discussions about tariffs on Chinese EVs and the growing role of Chinese companies in the global EV market.