Germany’s Volkswagen (VW) plans to roll out 10 additional EVs by 2026 and continues to have faith in the Chinese market, despite strong competition from local businesses.
Speaking at the Shanghai Auto Show on Tuesday, Thomas Schafer, CEO of VW Personal Cars, said that VW remains strongly committed to China. Their guiding code is developed in China, for China at maximum speed.
For decades, Volkswagen, the best-selling passenger vehicle brand in China, has been one of the heritage foreign car brands whose share of the world’s biggest auto market is shrinking as they lag behind Chinese rivals in establishing electric cars. Last year, VW recorded a 3.6 percent decline in sales to 3.18 million vehicles.
In February, Chinese electric vehicle maker BYD outsold Volkswagen cars, evolving China’s best-selling passenger car brand for the dual month in four months.
At Tuesday’s launch event, Schafer announced that Volkswagen plans to introduce ten new electric vehicles by 2026, showcasing their flagship ID.7 model.
Volkswagen has previously declared that it intends to rev the time to market for new models from four years to a closer average of 2.5 years for its Chinese partners, somewhat by further localizing research and development for Chinese models.
Moreover, Shaffer expressed the company invests laboriously with its Chinese joint venture partners in design, manufacturing, and research and development, counting that it has up to two thousand developers at its research and development center in Anhui province.
Volkswagen plans to invest around 2.4 billion euros in artificial intelligence
German carmaker Volkswagen plans to invest heavily in developing its self-driving technology in China, the world’s largest car market.
VW’s software arm Cariad and its future Chinese partner Horizon Robotics, have confirmed they will form a joint venture focused on software and specialty microchips for autonomous driving.
The Germans want to invest about 2.4 billion euros in the project and have a 60 percent stake in the new company.