The Strategist

Volkswagen to invest €2.5 billion in expansion of innovation center in China



04/16/2024 - 11:35



The production and innovation center in the city of Hefei, in the Anhui province of eastern China, is set to expand with the investment of €2.5 billion from the automaker Volkswagen Group China.



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A portion of these funds will also be utilized to expedite the manufacturing of two smart electric vehicles under the Volkswagen brand, on whose development the German business is presently collaborating with the Chinese automaker XPeng, according to Xinhua news agency.

Ralf Brandstetter, Chairman and CEO of Volkswagen Group China, stated, "The additional investment in this facility underscores our determination to build up our innovative strength locally." He mentioned that in the future, innovative innovations will reach the market around 30% faster thanks to the Hefei center.

By 2030, Volkswagen plans to release over 30 different all-electric car models in China. The first model, which was created in collaboration with XPeng, is expected to go into production in 2026.

source: ft.com




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