Volkswagen announces the start of construction of its new factory dedicated exclusively to electric cars in China. They are in partnership with SAIC, one of the companies with which it has joint venture in that country.
Global automakers are planning $300 billion investments in electric car technologies over the next 5 to 10 years, with nearly half of that going to China. Thus accelerating an industry transition from fossil fuels to battery suppliers and Asian electrical equipment technologies.
Features will drive advances in technologies that reduce battery costs, extend vehicle reach, and cut battery charging times to make vehicles more attractive to consumers.
The German group’s plan foresees productive capacity on 3 continents to assemble up to 15 million electric vehicles by 2025. This number includes 50 purely electric models and 30 hybrids. Eventually, Volkswagen plans to offer electrified versions of all its models in the group’s portfolio.