Volkswagen AG plans to boost its electric push in China, the world's biggest auto market, by pumping 2.1 billion euros in two Chinese electric ...
BEIJING/HONG KONG: Volkswagen AG plans to boost its electric push in China, the world's biggest auto market, by pumping 2.1 billion euros in two Chinese electric vehicle players.
Volkswagen's China chief Stephan Woellenstein told reporters on Friday the venture planned to revamp one existing JAC plant and launch its first electric model based on its MEB platform, an architecture enabling efficient production of various EV models, in 2023. In a separate transaction, Volkswagen will pay 1.1 billion euros to acquire 26.5 per cent of Guoxuan High-tech Co Ltd , a maker of electric vehicle batteries, becoming its biggest shareholder. Volkswagen said Guoxuan, based in Hefei like JAC, will supply batteries to its EV models in China.Woellenstein said Anhui province, where Hefei is located, will be Volkswagen's EV manufacturing hub in China.
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