Beijing Motor Show opens, electric vehicles in spotlight

Volkswagen to makes USD 15 billion investment in China

Volkswagen to makes USD 15 billion investment in China

China is also embarking on a rare policy drive to open up its auto market, the world's largest, even as its own home-grown vehicle makers become increasingly ambitious overseas.

Ford and other brands showed off some of the dozens of electric SUVs, sedans and other models they say are planned for China.

The country also plans to scrap limits on foreign ownership of automotive ventures by 2022 in a major policy shift.

China's government signaled last week that it will eventually allow foreign automakers to take full ownership of their local ventures, marking the end of a decades-long rule allowing no more than a 50 percent stake of ownership in any joint venture in China. "Hopefully, liberalisation will as well help for fair competition, and having a level playing field", Jochem Heizmann, CEO of Volkswagen Group China, told reporters.

Audi sales chief Marco Schubert said manufacturers will likely ship in more cars if China reduces import duties on vehicles.

With this said, I believe that they will still start with US imports since there are many Chinese reservation holders who have already been waiting for the auto for years now.

General Motors sold over four million cars here previous year, more than in the United States.

In the electric auto market the figures are even more lopsided, as Beijing has heaped money on projects to dominate what it sees as the future.

Volkswagen unveiled the E20X, an SUV that is the first model for SOL, an electric brand launched by the German vehicle maker with a Chinese partner. Some 174 models are eco-friendly cars such as EVs or plug-in hybrid vehicles, whose batteries can be recharged via an external power source.

Auto giant Volkswagen announced onr April 24 investments of 15 billion euros ($18 billion) in electric and autonomous vehicles in China by 2022, in a massive bet on the vital market.

Diess said that the market for electric vehicles in China is soon expected to be the biggest in the world.

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