At the end of 2022, Volkswagen lost the title of the best-selling car brand in China, and the throne was taken over by the domestic electric vehicle manufacturer BYD. In order to remain competitive, VW decided to invest 2.5 billion euros in the expansion of the production and innovation center in the Chinese city of Hefei, which will enable 30 percent faster placement of technology and increase the production of their electric vehicles in China.
The German company has announced a series of new models in the electrification of its Chinese portfolio to regain lost share in the world’s largest car market. In 2023, VW invested 700 million dollars in the Chinese car manufacturer XPENG, becoming the owner of nearly 5% of the company, with which it agreed a partnership on the production of two models of this German brand. Both models will hit the market in 2026.
Since the beginning of the year, VW has premiered several new models such as their first all-electric station wagon VW ID.7 Tourer, ID.3 GTX Performance, ID.7 GTX Tourer, Golf R, and ID.Buzz GTX van. Also, the manufacturer discontinued the production of some models such as VW Arteon and T-Roc Cabriolet. The return of some models such as the VW Scirocco, which was discontinued in 2017, was also announced.
Source: VW
