Canadian auto parts supplier Magna International (NYSE:MGA) on Monday said that XPENG (NYSE:XPEV), a Chinese smart electric vehicle manufacturer, has selected the company to assemble two new models for the European market.
Serial production of these new smart electric vehicles will begin in Q3 2025, marking the start of a long-term collaboration for future models.
This new program is Magna’s (NYSE:MGA) first full vehicle assembly for a Chinese automaker in Graz, Austria, supporting XPENG’s push to expand in Europe.
