Volkswagen Group has extended its joint venture with SAIC Motor Corporation until 2040, solidifying its commitment to the Chinese automotive market.
This partnership, which has been in place for four decades, is crucial for Volkswagen as it navigates the challenges of electrification and competes in the rapidly changing Chinese automotive landscape.
The extension of the agreement provides long-term planning security and accelerates the transformation of their joint venture, SAIC VOLKSWAGEN, focusing on product innovation, production efficiency, and decarbonization initiatives.
The goal is to bring a new generation of electrified vehicles to market by 2026, aligning with Volkswagen's strategy for the Chinese market.
The partnership will concentrate on expanding the product offensive, optimizing the production network, and implementing decarbonization initiatives.
By leveraging local innovation and advancements in China's electric mobility and autonomous driving ecosystem, Volkswagen and SAIC aim to enhance their competitive edge globally.
The joint venture's commitment to innovation, efficiency, and sustainability positions them as leaders in the automotive industry.