The German manufacturer Volkswagen, very present in China, announced this Tuesday (04.18.2023) that it will invest 1,000 million euros in a new development center for electric vehicles in this country, the world’s leading automobile market. “The company invests 1,000 million euros in a new, state-of-the-art development, innovation and supply center for fully connected intelligent electric vehicles,” the group said in a statement published on the sidelines of the Shanghai (east China) motor show. ).
The center “will be located in the city of Heifei (south),” the group added. Electric vehicles account for one in four cars sold in China, the world’s largest market and dozens of new models from domestic companies and Western brands were shown at the fair, the first since the end of restrictions due to the Covid pandemic. .
Local brands lead sales, with 81% of the electric vehicle market in China, according to Counterpoint Research analysts, as industry giants such as Volkswagen are racing to increase theirs. Ralf Brandstaetter said that this step is key to the group’s strategy “in China, for China”.
The new association, dubbed “100%TechCo”, will be launched in 2024, and will have more than 2,000 employees who will work in acquisitions and research and development. “The goal is to rapidly align the group’s vehicles with the wishes of Chinese consumers for a shorter time to market,” the statement said. The president of the company will be Marcus Hafkemeyer, Head of Technology of the Volkswagen Group in China.
