VW's two billion in Chinese Elektro-offensive | economic

China is not only by far the largest single market for Volkswagen. The people's Republic is also considered as a lead market for electric cars. Which is why th

VW's two billion in Chinese Elektro-offensive | economic

China is not only by far the largest single market for Volkswagen. The people's Republic is also considered as a lead market for electric cars. Which is why the Wolfsburg close more Deals.

Wolfsburg/Beijing (dpa) - The Volkswagen group is pushing its electric Offensive in China with billion-dollar investments.

in Addition to the already announced on Thursday made at the start of the battery manufacturer Gotion High-Tech formerly Guoxuan High-Tech - to increase the wolf Burger is also your share of the electric-Joint Venture with JAC, Volkswagen, as the company announced on Friday in Beijing. The mother of the JAC, the state of the JAG takes VW to the half of the shares. In total, the group invested around 2 billion euros, about one billion of this is from the entry at Gotion High-Tech.

"Together with strong and reliable partners, Volkswagen is expanding its E-Offensive in China," said Chairman of the Board, Herbert Diess, according to the memo. "The Segment of electric cars is growing rapidly and offers great potential for JAC, Volkswagen. Through our strategic participation in Gotion we are also active in China, the development of the battery cell." VW-China-Chef Stephan Wöllenstein said it was a strategic milestone.

Volkswagen wants to deliver in his is by far the largest individual market, China, 2025, 1.5 million electric cars. JAC is the smallest community organization to the wolf Burger in the country, with the larger partners FAW and SAIC VW, it was in the people's Republic to become the market leader. JAC was founded in 2017, to build small and medium-sized electric cars. Are planned for five additional models up to 2025, the construction of a plant for electric models, and a research and development center in Hefei.

In the case of Gotion High-Tech Volkswagen with a share of around 26 percent, the largest single shareholder. Volkswagen is the first foreign group that contributes directly to a battery manufacturer in China. "For the first time, Volkswagen does in the country a strategic role in a state-owned company and directly invested in a Chinese battery supplier," said Wöllenstein. The agreement will have no impact on current contracts with other battery suppliers, it said.

The battery when the electric mobility is approached as a scarce resource, the car manufacturers try to ensure their access to sufficient capacity. In Europe, Volkswagen is not willing to restore battery cells, which due to the high investment, each car cost Bauer tackles. In Salzgitter is established with the Swedish battery specialists North volt together a production, among others, the works Council had insisted. In future electric cars, the battery is the total of the estimate of experts and companies, a large part of the value added.

The two Deals should be completed by the end of the year. That Volkswagen could join JAC larger, had been speculated after the loosening of investment restrictions for foreign car companies already. The car manufacturer, BMW, has increased the share of its Chinese joint venture, BBA is also about half that used to be the upper limit.

China is regarded as a lead market for electric cars, because the Chinese government to combat the poor air quality in major cities of the country, and in the case of the topic of worldwide technology leader wants to be.

Satisfied Volkswagen said on Friday on the development of business in China, where the economy picks up after the end of the Corona-lock downs again. After a "black February" have a month-to-month set up a clear recovery, said China-Chef Stephan Wöllenstein to journalists in Beijing. One could speak of a "small miracle". With some optimism, it must be assumed that in may the same number or even slightly more cars than in the same month of the previous year were discontinued.

Of economic assistance, which were decided on Thursday to end the previous people's Congress in Beijing, are expecting more positive impulses. However, will it be difficult to get to the end of the year catch up what was lost during the Covid-crisis business. Although could be obtained in comparison to the previous year market shares, "but we still don't see that we will catch up completely, what we have lost in the first few months".

Date Of Update: 31 May 2020, 06:33

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