VW to significantly boost EV production in China

German car giant Volkswagen Group (XETRA:VOW) will significantly increase its production of electric vehicles (EV) in China when its third EV plant in the country comes on line at the end of 2023.

With the new plant, production capacity will rise by 300,000 to 900,000 New Energy Vehicles (NEV), which encompasses fully electrical and hybrid cars, VW told the German newspaper Welt am Sonntag.

The new plant under construction is jointly owned by VW, which has a majority 75% stake, and Anhui Jianghuai Automobile Group.

Sales of VW electric cars in China rose to over 70,000 in the second half of 2021, but still fell short of the target of 80,000-100,000.

EVs accounted for a small part of VW’s total sales in China, which stood at over 3.3 million in 2021.

Story by ProactiveInvestors