Uncategorized

VW Pledges to Double Down On EVs in China, Urges Extension of NEV Tax Breaks

Email :127

A senior Volkswagen AG (OTC:VWAGY) China executive reiterated on Saturday the German automaker’s commitment to quickening the pace of electrification in the world’s second largest economy despite issues such as intensified competition and weak demand. VW plans to increase the number of charging posts in China for electric vehicles to 17,000 by 2025, as it planned to invest 15 billion euros ($16.26 billion) in the country on electric mobility together with its three joint ventures by 2024, Stefan Mecha, chief executive of the Volkswagen (ETR:VOWG_p) brand in China, told China’s EV 100 forum in Beijing. “The market is flush with new, highly competitive players but strong competition simply motivates us to constantly innovate and improve,” Mecha said. He added that despite softer short term demand in China, the company is confident that there would be a recovery. In February, Chinese electrified vehicle maker BYD outsold the Volkswagen-branded cars to be the best-selling passenger car brand in the world’s largest auto market for the second month in four. Mecha also urged China to extend a purchase tax exemption on new energy vehicles (NEVs), which include both pure electric and plug-in hybrid cars, beyond this year as part of the policy support for the sector. In September, China extended the tax exemption on such vehicles by a year to the end of 2023.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts