(Patria) - German automotive group Volkswagen announced that it will invest 2.5 billion euros in expanding its production and innovation center in the Chinese city of Hefei.
- The center in Hefei will help the company bring technologies to the Chinese market 30 percent faster and produce more electric vehicles - said Ralf Brandstaetter, member of the Volkswagen Group's management board for China.
VW is also preparing to produce two Volkswagen brand models in China, which it is developing in cooperation with Chinese partner XPENG, they announced yesterday, adding that production should begin in 2026.
At the end of 2022, Volkswagen lost the 'title' of the best-selling car brand in China, which was taken by domestic electric vehicle manufacturer BYD, reports Hina.
The German company announced a series of new models in the electrification of its Chinese portfolio to regain lost market share in the world's largest automotive market.
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