Volkswagen intensifies e-mobility activities in China
Dr. Herbert Diess, CEO of Volkswagen AG, said: Together with strong and reliable partners, Volkswagen is strengthening its electrification strategy in China. The electric cars segment is growing rapidly and offers a great deal of potential for JAC Volkswagen. We are actively driving forward the development of battery cells in China through our strategic investment in Gotion.
Dr. Stephan Wöllenstein, CEO of Volkswagen Group China, said: I am delighted with this strategic milestone in our mutual and trusted relations as Volkswagen takes a strategic role in a state-owned company for the first time, as well as investing direct in a Chinese battery supplier. These investments shape the character of Volkswagen in China, making it a more localized, more sustainability-focused mobility company. By opening up the market, China is giving Volkswagen new business opportunities. Volkswagen Group China has already outlined its route to becoming a net carbon-neutral company.
Transformation of JAC Volkswagen through capital increase
By strengthening its position and advancing the JAC Volkswagen joint venture through a capital increase, Volkswagen is taking the next step in its Chinese electrification strategy. and the government of Anhui province, which foresee Volkswagen raising its stake from 50% to 75% within the JAC Volkswagen joint venture via a capital increase. To make this possible, Volkswagen will also be investing in the Anhui government-owned entity JAG, the parent company of JAC.
May 29, 2020 at 17:10