Volkswagen invests €1B towards China EV center
The new center for development, innovation, and procurement for connected electric vehicles will be headquartered in Hefei
On April 18, the Volkswagen Group announced it is investing over €1 billion in a new development, innovation, and procurement center for “fully connected intelligent electric vehicles” in Heife, China.
Here are some key points:
A new company named “100%TechCo” englobes vehicle and component R&D as well as procurement and aims to reduce development times for new products and technologies by 30 percent.
It will incorporate tech from local suppliers early in the development process, with the goal of tailoring vehicles to the needs of Chinese consumers.
The unit is anticipated to launch in early 2024 and will comprise more than 2,000 employees from procurement and R&D. Its CEO is Marcus Hafkemeyer, CTO of Volkswagen Group China.
The formation of 100%TechCo is part of Volkswagen's “in China, for China” strategy.
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