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.
Related Articles
Percentage of senior women at European hedge funds halved since 2021 -Preqin
The percentage of women holding senior positions at European hedge funds has more than halved since 2021, according to a report on Wednesday by data provider Preqin. Commenting on the report, Megan Tobias Neely, a former hedge fund analyst, academic and author of “Hedged Out: Inequality and Insecurity on Wall Street”, said the COVID pandemic […]
Lock-in Ends But Nykaa Sees no Selling Pressure, Thanks to Bonus Issue Masterstroke By Falguni Nayar
Despite pre-IPO shareholders’ lock-in period coming to an end, Nykaa is seeing no selling pressure in trade today (November 10), on account of the bonus issue announced by the cosmetics-to-fashion retailer. This is a masterstroke by investment banker-turned-entrepreneur Falguni Nayar to stem a potential fire sale as the lock-in shares get released into the market […]
Credit Suisse Lifeline, First Republic Rescue: What You Need To Know
Credit Suisse headed into a make-or-break weekend after some rivals grew cautious in their dealings with the struggling Swiss lender, and its regulators urged it to merge with UBS AG. At least four major banks, including Societe Generale (OTC:SCGLY) and Deutsche Bank (ETR:DBKGn), are restricting new trades involving Credit Suisse or its securities, five sources […]