Volkswagen invests 2.5B euros to expand innovation hub in China
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.
Related articles
Defending champion South Carolina to open season in Las Vegas against Michigan
COLUMBIA, S.C. (AP) — Defending national champion South Carolina has another splashy opening planned2024-05-22China Eastern Airlines to operate more C919 planes
Li Yangmin, a member of the Chinese People's Political Consultative Conference (CPPCC) and the gener2024-05-22Construction machinery maker to lift production targets; eyes green model
Construction equipment maker Xuzhou Construction Machinery Group Co Ltd is ramping up efforts to pro2024-05-22Two crews set for Tiangong station in '23
This simulated image captured at the Jiuquan Satellite Launch Center on Nov 30, 2022 shows China's S2024-05-22LeBron James UNFOLLOWS Diddy on Instagram after video of assault on ex
LeBron James has unfollowed Sean 'Diddy' Combs on Instagram.The unfollowing was noted by a Lakers fa2024-05-22- The world's first 300-megawatt compressed air energy storage project in Yingcheng, Central China's H2024-05-22
atest comment