XPeng (HKG:9868) said it is cooperating with ArcelorMittal over a copyright lawsuit filed by the Luxembourg-based steel manufacturer against the Chinese car manufacturer, Yicai Global reported Monday.
The development comes after ArcelorMittal sued Xpeng at the Unified Patent Court in Europe for allegedly infringing on a coated steel strip patent, the report said.
The patent was given in 2021 and is valid until October 2026, Yicai said.
Xpeng said its departments are working to ensure the materials it uses do not violate patents by sourcing from different suppliers, the report said.
Shares rose 3% during Tuesday's trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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