Please forward this error screen to 63. The world’s largest automaker is putting big money into investing in electric cars vehicles in China.
More electric vehicles are sold in China than anywhere else on the planet — and the national government is pushing companies to design and build them on Chinese territory. Related: How China plans to beat the U. Under the plan announced Thursday, VW and its partners are aiming to develop and produce as many as 40 new electric and hybrid vehicle models in China between now and 2025. It expects the first of the new models to hit the Chinese market next year. VW’s top China exec, Jochem Heizmann, said the German company is “determined to be at the forefront” of China’s electric vehicle revolution. Chinese officials said two months ago that they were working on a plan to eventually phase out the production and sale of vehicles powered solely by fossil fuels.
France and India have also set out timetables for doing away with vehicles that run purely on gasoline. What’s the difference between electric and electrified cars? China is already a massive market for VW, and the company has a lot of experience making cars there with local partners. Doing so avoids hefty import tariffs but also means it has to share its technology with the Chinese firms. China, may set up a factory in Shanghai’s free trade zone. That arrangement could enable the U. Chinese company, but it would still have to pay the import tariffs.