Volkswagen to Launch EV Platform in China in Bid to Regain Market Share
November 24 2023 - 3:24AM
Dow Jones News
By David Sachs
Volkswagen Group will launch an electric-vehicle production
platform in China aimed at local consumers as part of its strategy
to regain its footing in the crucial country.
The German carmaker said Friday that it will launch the new
architecture in 2026 and that it will support EVs in the
entry-level segment. The platform, developed in Hefei, Anhui
Province, is part of Volkswagen's previously announced strategy to
use more local parts at lower costs to speed up production and
build electric cars that cater to Chinese buyers.
"The Volkswagen China Technology Company in Hefei is the central
interface between all our joint venture companies and our Chinese
partners, allowing us to make all decisions on products for China
directly in China and launch them onto the market quickly," said
Ralf Brandstaetter, head of Volkswagen's China division. "This
boosts efficiency, increases the speed of development, and
optimizes our cost structure."
China is the largest car market in the world, but Volkswagen
last year lost its distinction as the country's best-selling brand
to China's BYD, which has capitalized on the rapidly growing
appetite for EVs the country.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
November 24, 2023 03:09 ET (08:09 GMT)
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