Report: VW to Invest in China Supply Base
Volkswagen AG is looking at ways to strengthen its supply base in China through joint ventures or equity stakes, sources tell Bloomberg News.
The sources say VW is especially interested in locking in vendors with technologies related to electrified vehicles, including battery makers. VW has said it expects to sell a combined 22 million all-electric vehicles worldwide between now and 2028, half of them in China.
Battery producer Guoxuan High-Tech Co. is one of the companies VW is studying, according to Bloomberg. The news service says BYD, CATL and Guoxuan supply four in five batteries used in China’s so-called new-energy vehicles.
But Bloomberg notes that the Chinese market is opening up to foreign producers, such as LG Chem, as China’s central government drops incentives that encouraged China’s EV industry to use local batteries suppliers.
VW expects to sell a combined 22 million all-electric vehicles worldwide between now and 2028, half of them in China.
The little car that could still can. And this time as a car that not only gets great fuel economy, but which has ride and handling that makes it more than an econo-box (and its styling is anything but boxy).
Chinese electric-car startup Nio Inc. is forming a manufacturing joint venture with Beijing E-Town International Investment and Development Co., which is investing 10 billion yuan ($1.5 billion) in the business.
Although the RAV4 has plenty of heritage in the small crossover segment, competition has gotten a whole lot tougher, so Toyota has made significant changes to the fourth-generation model.