Volkswagen : China to invest over 4 billion Euro in 2020

'Today, almost every fifth car sold in China comes from the Volkswagen Group. In a challenging market environment, our strategies are paying off,' said Dr. Stephan Wöllenstein CEO of Volkswagen Group China. 'I am looking forward to 2020, when our local e-car production will significantly increase in scale. Success in e-mobility will be a key driver for reaching our sustainability target, becoming net carbon neutral by 2050.'

The Volkswagen Group and its partners will invest over 4 billion Euro into the China market in the coming year. Due to the Group's comprehensive e-mobility strategy, the amount spent on e-mobility will be increased to around 40 percent, in fields such as production, infrastructure, development or research for electric cars. In the next few years, the company generally foresees to spend more on new energy vehicles than on fuel cars. The investment in 2020 will also target Volkswagen Group China's other goals, including further optimizing its model portfolio, developing new mobility solutions, as well as making advancements in smart cities and autonomous driving.

By the end of this year, Volkswagen Group China will already offer 14 electrified models, while the Group's comprehensive electro mobility offensive will launch next year. In 2020, production of all-electric cars on Volkswagen's modular electric drive toolkit MEB will start in Anting and Foshan. They will start MEB-production in October 2020 with a total capacity of 600,000 units per year. Overall, the Group will offer 30 locally produced e-cars by 2025, including achieving 1.5 million e-cars sales by that point.

In 2019, Volkswagen Group China has continued to deliver a solid performance, with this year achieving total cumulative sales of over 42 million vehicles in the China market since first arriving in the country. By October, the Group has delivered 3.34 million vehicles and increased its market share to 19.5 percent (previous year 18,5 percent) in China. Despite headwinds in the market, Volkswagen Group China expects to continue to outperform the overall market and is confident in the long-term potential of the Chinese auto development.