Volkswagen invests 2.5B euros to expand innovation hub in China
Release time：2024-05-21 20:57:28 Source：Planet Panorama news portal
This aerial photo taken on Aug. 20, 2023 shows a view of Volkswagen (Anhui) Automotive Company Limited in Hefei, east China's Anhui Province. [Photo/Xinhua]
Volkswagen Group China on Thursday announced that it will invest 2.5 billion euros (about 2.68 billion U.S. dollars) in the expansion of its innovation hub in Hefei, the capital of east China's Anhui Province, to increase its pace of innovation in China.
The investment will also be used to accelerate the production of two Volkswagen-brand smart electric vehicles, which are currently under joint development with Chinese manufacturer XPENG.
"This additional investment in the site underlines our ambition to quickly expand our local innovative strength," Chairman and CEO of Volkswagen Group China Ralf Brandstätter said, adding that the hub in Hefei will bring technologies to market approximately 30 percent faster in the future.
By 2030, Volkswagen will offer over 30 all-electric vehicle models in the Chinese market, with production of its first model developed in cooperation with XPENG scheduled to begin in 2026.
Volkswagen (China) Technology Co., Ltd., located in Hefei, is the company's implementation hub for its production localization strategy. It will work closely with Volkswagen's joint ventures in China and undertake core development tasks.
With an investment of 1 billion euros, the hub is Volkswagen's largest research and development center outside of Germany.
- Previous：Iran helicopter crash that killed President Raisi could reverberate across the Middle East
- Next：Not so Cool Britannia! Noel Gallagher gives damning verdict on Keir Starmer
Related articles
- Fresh heartache for cancer
- China gives monks a list of things they can’t do after the Dalai Lama's death — Radio Free Asia
- Rare Star Wars Jawa figure found in loft sells for NZ$40,000
- Jimmy Lai provided HK$1.5 million loan to activists, court hears
- Target to lower prices on basic goods in response to inflation
- Pedestrian dies after being hit by truck in Northland
- US regulator grounds Boeing MAX 9 indefinitely, flights cancelled
- Chemo services to remain in Wairoa permanently
- Ricky Stenhouse punching Kyle Busch could lead to suspension
- Climate activists demand Christchurch include cruise ship emissions in targets
- Devout Christian doctor, 68, who punched dementia
- Millions of donkeys killed each year to make medicine
- Sensitive NZ Police video evidence shuffled around US tech companies
- Severe heatwave in eastern Australia to bring hottest weather in four years to NSW
- Supreme Court declines to hear challenge to Maryland ban on rifles known as assault weapons
- With feasts and patrols, China tries to keep Uyghurs from fasting — Radio Free Asia
- Some imported animal products using production methods illegal in New Zealand
- Severe heatwave in eastern Australia to bring hottest weather in four years to NSW
- Ben Whishaw lights up the Croisette as he joins his co
- Westfield Bondi Junction evacuated after alleged stabbing and shots
Random recommendation
- Copyright © 2024 Powered by Volkswagen invests 2.5B euros to expand innovation hub in China ,Planet Panorama news portal sitemap