Volkswagen's Shanghai EV plant with SAIC has started trial production: VW CEO
Reuters
Published Nov 07, 2019 11:59PM ET
Volkswagen's Shanghai EV plant with SAIC has started trial production: VW CEO
By Yilei Sun and Brenda Goh
SHANGHAI (Reuters) - Trial production has started at Volkswagen AG's (VW) (DE:VOWG_p) and SAIC Motor Corp Ltd's (SS:600104) $2.5 billion electric vehicle (EV) factory in Shanghai, VW's chief executive said on Friday, the latest development in the race to sell EVs in China.
"The move goes in line with Volkswagen's (electric) e-mobility initiative," Herbert Diess told reporters during a tour of the factory.
The announcement comes two weeks after U.S. EV maker Tesla Inc (O:TSLA) also said it had started trial production at its factory in China, where it aims to produce 500,000 cars a year when construction is completed.
Established automakers and startups alike are aggressively targeting China, the world's largest new energy vehicle (NEV) market, where NEV sales jumped 61.7% to 1.3 million vehicles in 2018.
Volkswagen is trying to leapfrog peers by readying two Chinese EV factories by next year, Reuters reported last month.
Volkswagen's ID series EVs will be the first to roll off the Shanghai production line, the German automaker said in a statement. The plant will also produce other models such as from VW's premium Audi AG (DE:NSUG) brand, the joint-venture partners said.
Diess also said Volkswagen plans to make 22 million electric vehicles by 2028, half of them in China. In July, Diess said that by 2035, half of Volkswagen's annual sales in China will be NEVs.
Get The News You Want
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.