On the 27th of July, Volkswagen announced the acquisition of a 4.99% stake in the Chinese brand Xpeng for 630 million euros for the joint development of electric vehicles.

The manufacturer China Aviation Lithium Battery Technology (CALB), which will produce lithium batteries in Sines, welcomed the agreement signed between carmakers Xpeng and Volkswagen, considering it to be "an opportunity" for it.

"Through this agreement, it also sees its European market reach new growth potential, highlighting its importance for the industrial unit that is to be set up in Portugal, in the municipality of Sines," the manufacturer said in a statement released on the 16th of August.

The plant in Sines is due to come into operation in 2025, which is aimed at responding to the company's current order book on the European continent, and should be CALB's largest plant in Europe.

(Source: Sapo)