07:03 AM EDT, 09/15/2025 (MT Newswires) -- Magna (MG.TO, MGA), one of the world's largest suppliers in the automotive space, Monday said it was selected to assemble two new models for the European market by XPENG, a Chinese smart electric vehicle manufacturer .

U.S.-listed shares of the company were last seen down 1.5% at $45.70 in pre-market trading.

The company said serial production of these new smart electric vehicles will begin in the third quarter of 2025. It also noted that this newly awarded program marks the first complete vehicle assembly with a Chinese OEM out of Magna's operations in Graz, Austria, "aligning with XPENG's commitment to European localization."

U.S.-listed shares of XPeng were last seen up 2.4% at $21.38, in pre-market trading.