Volkswagen AG (VOWG_p.DE) plans to boost its electric push in Chinaby pumping 2.1 billion euros in two Chinese electric vehicle players. Volkswagen said it will invest 1 billion euros to take a 50% stake in the state-owned parent of Anhui Jianghuai Automobile Group (JAC Motors) (600418.SS), also taking full management control of the its existing electric vehicle joint venture with JAC by raising its stake to 75% from 50%. The joint venture will launch five more electric models by 2025, when the German giant aims to sell 1.5 million new energy vehicles (NEV) – including battery electric cars as well as plug-in hybrid and hydrogen fuel-cell vehicles – a year in China. China has set a target of 25% of 2025 annual vehicle sales to be made up of NEVs. More than 25 million vehicles were sold in China last year.
Audi China confirmed on 7-14-20, that its parent company Volkswagen AG and its Chinese joint venture partner SAIC Motor plan to invest 4.13 billion yuan ($590 million) to revamp their car plants in Shanghai to make new Audi sedans.