Volkswagen set to begin joint venture with JAC to invest $752mn in electric car factory
The Germany-based automotive manufacturer, Volkswagen, is set to begin a joint venture with Anhui Jianghuai Automobile (JAC) and invest $752mn in a new electric car factory in eastern Hefei city, according to Reuters.
On Monday (22 April), a document showed Volkswagen and JAC obtain approval from environmental authorities in order to develop a plant capable of producing 100,000 all-electric battery cars annually.
On Thursday (25 April), Volkswagen Group China announced that the numbers had been included in previous official documents and confirmed JAC-Volkswagen would unveil its first model soon.
According to a spokesperson for the joint venture, the approval represented an “orderly advancement of the project” and unveil the venture’s first electric model, the E20X, which is expected to be launched later this year.
Volkswagen has confirmed it plans to produce over 22mn electric cars during the next 10 years, with more than half of them built in China.