Volkswagen has signed letters of intent with Chinese partners to strengthen its position in the electrified vehicle market in China. The country is very important both in terms of sales and production, so VW plans to invest €15bn (US$17.58) between now and 2022, in local initiatives and in R&D.
The company will continue to work with the FAW Group (which handles a lot of VW’s local production) and the China Intelligent and Connected Vehicles Research Institute (ICV) to advance both electric vehicles and connected technologies.
Professor Jochem Heizmann, a member of the board of management of Volkswagen AG and the president and CEO of Volkswagen Group China, said, “The new partnerships represent additional milestones in our electro-offensive in the Chinese market. Working with our new and existing joint-venture partners, we are developing an electric, smart and sustainable future for individual mobility for our customers in China.”
The partnerships involve developing and producing components for new energy vehicles, expanding vehicle connectivity and automotive data services and enhancing autonomous driving. Other plans include developing a national battery-charging infrastructure and the business to operate it.
