Skip to main content

Volkswagen to invest 15 bln euros in e-mobility with Chinese partners

Abstract : German carmaker Volkswagen is positioning itself to take a leading role in the development of China's new-energy vehicle (NEV) industry, with plans for large-scale financial investment in the coming years.

HAIKOU, Sept. 28 (Xinhua) — German carmaker Volkswagen is positioning itself to take a leading role in the development of China’s new-energy vehicle (NEV) industry, with plans for large-scale financial investment in the coming years.

Volkswagen, together with its Chinese joint-venture partners, will invest 15 billion euros (about 17.5 billion U.S. dollars) in China alone by the end of 2024, fueling the country’s e-mobility push, Stephan Wollenstein, CEO of Volkswagen Group China, said Monday.

Wollenstein made the announcement at the Sino-German Forum on Cooperation and Development of NEVs, part of the ongoing 2nd World New Energy Vehicle Congress (WNEVC 2020), held in Haikou, capital of south China’s Hainan Province.

“By 2025, Volkswagen Group will have an annual requirement of 150 GWh of battery capacity in China,” Wollenstein said, noting that the company has partnered with Chinese battery manufacturers such as Gotion High-tech Co., Ltd. and CATL.

The company is placing 40 super-charging stations in Beijing, Chengdu and Shenzhen, and plans to build 255 more stations equipped with 1,800 charging poles across 16 Chinese cities by the end of 2020.

Volkswagen appreciates China’s climate target of having CO2 emissions peak before 2030 and achieving carbon neutrality before 2060, which is fully in line with the group’s “goTOzero” environmental mission, Wollenstein said.

“We’re remaining an active partner in the nation’s drive toward electrification and carbon neutrality in the future,” he added.

Herbert Diess, CEO of Volkswagen AG, said in a video speech at a WNEVC 2020 plenary meeting that 26 million electric cars are due to be delivered by Volkswagen by 2029, a majority of them delivered in China.

Volkswagen announced in May that it would invest around 2.1 billion euros in e-mobility in China, of which 1 billion euros would be used to raise Volkswagen’s stake in the e-mobility joint venture with China’s JAC Motors from 50 percent to 75 percent, and to acquire a 50-percent stake in JAC’s parent company JAG. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy,BRI Trade,BRI Investment,Belt and Road weekly,Know Belt and Road,and the integrated information services for the Belt and Road Initiative (BRI).

Source: Volkswagen to invest 15 bln euros in e-mobility with Chinese partners

Labels:

Comments

Post a Comment

Popular posts from this blog

Chinese enterprise starts work on Fiji’s Lautoka port yard 3 project

Abstract : China Railway First Group (Fiji) Co., Ltd (CRFG) on Monday started to work on Fiji's Lautoka Yard 3 development project intended to increase the storage capacity of the Lautoka port 24 km north of Fiji's third largest city Nadi. SUVA, Feb. 22 (Xinhua) — China Railway First Group (Fiji) Co., Ltd (CRFG) on Monday started to work on Fiji’s Lautoka Yard 3 development project intended to increase the storage capacity of the Lautoka port 24 km north of Fiji’s third largest city Nadi. Speaking at the groundbreaking of the project, Fiji’s Permanent Secretary for Commerce, Trade , Tourism and Transport Shaheen Ali said, “This project needs to be delivered in a timely manner, without compromise to quality and standards. I am sure China Railway First Group (Fiji) Co, Ltd is up to the task.” The new project will significantly boost Fiji’s ability to deal with trade and efforts to turn into a transshipment hub in the Pacific, according to the minister. With some four millio
Post a Comment
Read more

Interview: Egyptian-Chinese cooperation against COVID-19 reflects strength of ties, says Egyptian minister

Abstract : Egyptian-Chinese cooperation in the fight against the COVID-19 pandemic reflects the strength and durability of the two countries' relations, said Egyptian Minister of State for Information Osama Heikal. SHARM EL SHEIKH, Egypt , Sept. 27 (Xinhua) — Egyptian-Chinese cooperation in the fight against the COVID-19 pandemic reflects the strength and durability of the two countries’ relations, said Egyptian Minister of State for Information Osama Heikal. “In such circumstances, countries need to cooperate with each other in a way that demonstrates solidarity and reflects strength in relationships … Egyptian-Chinese cooperation is a good example,” the minister told Xinhua in a recent interview. Egypt-China relations are strong and deeply-rooted, and will gain a greater momentum in the coming years, he said. The minister praised China’s handling of the pandemic, saying that every country has dealt with the crisis according to its own circumstances. “I believe that the E
Post a Comment
Read more

【Financial Str. Release】China’s forex reserves expand to 3.2218 trln USD

Abstract : China's foreign exchange reserves expanded to 3.2218 trillion U.S. dollars at the end of May, up 23.6 billion dollars from a month earlier, official data showed Monday. BEIJING, June 7 (Xinhua) — China’s foreign exchange reserves expanded to 3.2218 trillion U.S. dollars at the end of May, up 23.6 billion dollars from a month earlier, official data showed Monday. Enditem About Xinhua Silk Road Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI). Source: 【Financial Str. Release】China’s forex reserves expand to 3.2218 trln USD
Post a Comment
Read more