Volkswagen, the leading passenger vehicle brand in China for decades, has pledged its commitment to the country despite the rise of nimble local rivals. The German automaker plans to introduce 10 more electric vehicle (EV) models by 2026, in a bid to keep up with Chinese automakers who are outpacing foreign brands in the EV market.
“At VW, we remain firmly committed to China…Our guiding principle is development in China, for China at full speed,” said Thomas Schafer, CEO of VW Passenger Cars, at the Shanghai Auto Show.
Volkswagen has seen its share of the Chinese auto market shrink as Chinese peers have surged ahead in launching electric cars. 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.
To accelerate its time to market for new models, Volkswagen has localized research and development for Chinese models, and is investing heavily with its Chinese joint venture partners in design, production, and research and development. The company has up to 2,000 developers in its R&D hub in Anhui province.
Unveiling the upper-end ID.7 EV model, Schafer said the company is committed to China and plans to introduce 10 more EV models by 2026. Volkswagen’s goal is to regain its position as the top-selling passenger vehicle brand in China, a title it has held for decades.
