Volkswagen Targets China With Entry-Level Electric Vehicle Platform
Portfolio Pulse from Benzinga Neuro
Volkswagen (OTC:VWAGY) is developing a new entry-level electric vehicle platform, the A-Main Platform, targeting the Chinese market. The platform, an evolution of the MEB, will be ready by 2026 and will heavily involve Chinese suppliers. This move comes after Volkswagen lost its top position in China to BYD and faces competition from local EV makers. Volkswagen Group China Technology Company (VCTC) is developing the platform with a 1 billion euro investment and plans to hire over 2,000 people. Additionally, Volkswagen is collaborating with Xpeng Inc on two new EV models for launch by 2026.
November 24, 2023 | 9:37 am
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Volkswagen is investing in a new EV platform and collaboration with Xpeng to strengthen its position in the Chinese EV market.
Volkswagen's announcement of the A-Main Platform and partnership with Xpeng indicates a strategic move to regain market share in China's growing EV market. This proactive approach, along with the significant investment and development of new models, is likely to be viewed positively by investors, potentially leading to a short-term increase in VWAGY's stock price.
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