Volkswagen plans 10 more EV models by 2026
Reuters
Published Apr 18, 2023 03:20
Updated Apr 18, 2023 03:57
SHANGHAI (Reuters) - Germany's Volkswagen (ETR:VOWG_p) AG said on Tuesday it plans to introduce 10 more electric vehicle (EV) models by 2026 and it remained committed to China, where established foreign brands are losing ground to nimble local rivals.
"As VW, we remain firmly committed to China ... Our guiding principle is development in China, for China at full speed," Thomas Schafer, chief executive of VW Passenger Cars, said on Tuesday, speaking at the Shanghai auto show.
Volkswagen, the top-selling passenger vehicle brand in China for decades, is among the legacy foreign auto brands seeing their shares of the world's biggest auto market shrink as they lag Chinese peers in launching electric cars. For 2022, Volkswagen saw sales fall by 3.6% to 3.18 million vehicles.
In February, Chinese EV maker BYD outsold Volkswagen-branded cars, becoming the best-selling passenger car brand in China for the second month in four.
Unveiling the upper-end ID.7 EV model on Tuesday, Schafer said Volkswagen plans to introduce 10 more EV models by 2026.
Volkswagen said earlier this year it aims to speed up its time to market for new models from four years to closer to the 2.5-year average for its Chinese counterparts, in part by localising research and development for Chinese models even further.
Schafer said the company is investing heavily with its Chinese joint venture partners in design, production as well as research and development, adding it has up to 2,000 developers in its R&D hub in Anhui province.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.