Volkswagen Group has announced that it intends to launch 15 “new energy vehicles” in China by 2020.
The decision, which will also include an $11.8B investment in EV technologies, comes as China edges toward a more environment-friendly future.
VW’s been on the wrong side of the news the past few years after they were caught fudging their emissions technology. The resulting scandal, “Deiselgate,” is set to cost them $30B in fines and repairs.
As a result, VW’s been repositioning themselves as a more eco-conscious company, stating they’ll be all-electric by 2030.
All of VW’s new electric vehicles will be built in China, where they hope efficient factories can meet their high output expectations. They’re aiming to sell 400k EVs per year in China by 2020 — and 1.5m by 2025.
With China recently suggesting it will ban petrol and diesel engines, it seems there will be significantly higher demand for electric cars.
VW, known for its diesel beasts, is an unlikely company to fill that void. But then again, China seems to have an unquenchable thirst for foreign brands — VW in particular — so maybe it’s a perfect match.
In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.
Data shows where markets are headed.
And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?
Look, you came to this site because you saw something cool. But here’s the deal. This site is actually a daily email that covers the important news in business, tech, and culture.
So, if you like what you’re reading, give the email a try.