Volkswagen is investing an additional € 15 billion in the Chinese EV market, an amount that is in addition to the global investments that the company is already making. CEO Herbert Diess announced this on LinkedIn.
Stephan Wöllenstein, the CEO of Volkswagen’s Chinese arm, spoke at WNEVC earlier today. This is a conference on the future of the Chinese auto industry. Wöllenstein explained Volkswagen’s strategy for the Chinese market there. The goal is to work with the joint ventures invest no less than € 15 billion in ‘e-mobility’. This investment is in addition to the € 33 billion that the group is already investing worldwide in the transition to electric driving.
The plan is part of Volkswagen’s goTOzero strategy. By 2025, fifteen of the group’s models must be locally produced in China and 35 percent of its range must be electric vehicles. In addition, new partnerships are entered into in the fields of battery technology and charging infrastructure.
With the strategy, Volkswagen also wants to conform to the plans of Chinese President Xi Jingping. Ultimately, China aims to be completely climate neutral by 2060. On October 22, Volkswagen will unveil two variants of the ID.4 for the Chinese market.