VW China to invest 4bn in e-mobility
- November 21, 2019
- Posted by: Simon Wait
- Category: Industry News
Volkswagen Group China, together with its Chinese partners, plans to invest over €4bn next year, with around 40 per cent of this investment going towards e-mobility.
This will accelerate the Group’s electrification strategy, which will be strengthened next year through the start of production of models based on the modular electric drive toolkit MEB in Anting and Foshan. Both factories are specifically designed for manufacturing all-electric cars.
“Today, almost every fifth car sold in China comes from the Volkswagen Group. In a challenging market environment, our strategies are paying off,” said Stephan Wöllenstein CEO of Volkswagen Group China. “I am looking forward to 2020, when our local e-car production will significantly increase in scale. Success in e-mobility will be a key driver for reaching our sustainability target, becoming net carbon neutral by 2050.”
In the next few years, the company generally foresees to spend more on new energy vehicles than on fuel cars. The investment in 2020 will also target Volkswagen Group China’s other goals, including further optimising its model portfolio, developing new mobility solutions, as well as making advancements in smart cities and autonomous driving.
By the end of this year, Volkswagen Group China will offer 14 electrified models, while the Group’s comprehensive electro mobility offensive will launch next year.