VW and its Chinese JV partners to invest €15 billion for future mobility solutions

At Volkswagen Group's Media Event, held at Beijing International Automotive Exhibition, Volkswagen Group demonstrated the company's commitment to delivering People's Mobility solutions to Chinese consumers.

The company outlined its vision of smart, people-oriented, sustainable mobility solutions. To support this goal, through 2022, Volkswagen Group and its joint-venture partners will be making around €15 billion ($18.6 billion) available for e-mobility, autonomous driving, digitalization and new mobility services. Ten auto models were also unveiled at the event.

The event was attended the Group's newly appointed Chairman of the Board of Management and CEO, Dr. Herbert Diess. Along with his appointment, Volkswagen Group's Board of Management and Supervisory Board recently announced a corporate restructuring that paves the way for more efficient company management. The Volkswagen Group will now be organized into six business areas and the China region.

Dr. Diess said: "As the world's biggest automotive market, China plays a prominent role across all Group brands. The strong bond with our joint ventures and business partners will remain. We are accelerating to make mobility cleaner, safer and more intelligent to really improve people's lives. We will be starting local production of battery-electric cars in at least six factories by 2021 in China."

Prof. Dr. Jochem Heizmann, Member of the Board of Management of Volkswagen Aktiengesellschaft as well as President and CEO of Volkswagen Group China, said: "Volkswagen is moved by people and aims to provide the best mobility solutions for people. As a pioneer of individual mobility in China for more than 30 years, People's Mobility is at the very core of Volkswagen Group China and is behind our commitment to building a smart, sustainable future of individual mobility for its customers in China, together with our partners."

The company believes the future will be determined by the electrification of cars to tighten pollution control, and the deployment of information technologies like artificial intelligence to advance the level of comfort. This will be complemented by smart traffic concepts to make cities more livable. These elements, along with autonomous driving, will help provide easy access to mobility for everyone. Under its Roadmap E strategy, the world's most comprehensive electric vehicle offensive, Volkswagen will launch 40 NEVs (New Energy Vehicles) in China in the next 7 to 8 years.