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VW, Partners to Spend $4.4 Billion in China

Volkswagen AG and its partners plan to invest more than $4.4 billion next year in China, 40% of it on e-mobility programs.
#asia #FAW #SAIC

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Volkswagen AG and its partners plan to invest more than €4 billion ($4.4 billion) next year in China, 40% of it on e-mobility programs.

Part of the money will be used to ready factories in Anting (SAIC Volkswagen) and Foshan (FAW-Volkswagen) for EV production. The facilities will launch production of vehicles built on VW’s MEB platform next October and will have combined annual capacity of 600,000 units.

Overall, VW Group expects to offer 30 locally produced electrified cars by 2025. By then, the company targets annual sales of 1.5 million such vehicles in China.

Next year’s investment also will go toward the launch of other vehicles, research and development, autonomous driving technologies and smart city initiatives.

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