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:
Related suggestion:
Alec Marsh and 4 relievers combined for a 6No one is above the law. Supreme Court will decide if that includes Trump while he was presidentChinese lighthouse factories light up journey to new industrializationAP PHOTOS: Russian kids ride sticks with a horse's head in hobby horsing competitionAaron Judge homers 1 pitch after Joe Boyle is called for a balk as Yanks top A's 7Megan Fox shows off flawless face in glamorous selfies after sharing THAT unrecognizable makeupAlec Marsh and 4 relievers combined for a 6Anze Kopitar scores in overtime, Kings beat Oilers 5Steve Carell and Tina Fey reunite for Netflix's eightFrancisco Lindor slugs a pair of 2
2.8142s , 6612.0703125 kb
Copyright © 2024 Powered by Volkswagen invests 2.5B euros to expand innovation hub in China ,Culture Capsule news portal