The Chinese government is investing in the construction of a huge industrial park called Neo Park in Hefei. An industrial cluster for intelligent electric vehicles will be created there, where hundreds of EV-related companies will be located.
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Volkswagen’s Chinese battery partner Gotion High-Tech has announced plans to invest a total of 12 billion yuan (1.55 billion euros) in the construction of battery recycling and raw material production facilities for lithium batteries in the Chinese city of Hefei.
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Volkswagen has now taken over the majority stake of the joint venture with JAC with 75 per cent, which also means management control. The company was immediately renamed from JAC Volkswagen to Volkswagen (Anhui) Automotive Company Limited since an eMobility hub is to be established in Anhui Province.
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Volkswagen will invest around 15 billion euros in electric mobility in China by 2024 with its three joint venture partners SAIC, FAW and JAC. This comes in addition to the €33Bn the Group had already announced in 2019 for the global development of the electric car sector.
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Nio is moving on from crisis as the EV start-up secures fresh capital from banks in China. The company had signed credit lines with six domestic banks for a total of 10.4 billion yuan (around 1.3 billion euros) just days ago.
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After Volkswagen had bought the largest share in Chinese battery manufacturer Gotion High-Tech last May, the latter is now planning to build a factory for cathode materials with a high nickel content in Hefei, China.
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The Chinese electric vehicle maker Nio raised substantial doubt in its ability to continue its business due to on-going financial difficulties that have been exacerbated by the coronavirus. The reduced EV subsidies in China also played a part.
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The Chinese electric car manufacturer Nio has started production of its third model after the ES8 and ES6. The start of production at the indebted company is also made possible thanks to a framework agreement with the city of Hefei, which is providing Nio with a billion-euro cash injection.
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The Chinese electric car startup Nio has started series production of its second ES6 model. Both series, the ES6 and the ES8, are currently manufactured at the Nio-JAC plant in Hefei. After Nio’s plans for a factory in Shanghai were abandoned, plans are now being made for a factory in Beijing.
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The joint venture JAC Volkswagen have signed agreements for the Seat brand to enter the Chinese market over the next two to three years. The JV aims to focus on smaller electric cars and use their R&D centre in Hefei.
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The joint venture between Volkswagen and JAC plans to invest the equivalent of 674 million euros ($750M) in an electric car plant in Hefei, China. The environmental permit has already been granted for the production of 100,000 electric cars per year.
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The Chinese electric car startup Nio has abandoned its plans to build its own plant in Shanghai. Nio will continue to use its existing plant in Hefei that it shares with JAC Motors for the production of its electric cars.
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Volkswagen has readied the ground for a research and development centre with its Chinese joint venture partner JAC, in Hefei, Anhui Province. The centre will focus on electrification, connectivity and autonomous driving.
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