Volkswagen to invest €2.5B into a tech center in China

The German automotive giant plans to put another €2.5 billion into a technology center in Hefei, China.

The company has already invested the equivalent of $1.1 billion into it. By putting more money into R&D in China, Volkswagen hopes to cut the production terms for all local electric cars by 30%. By the start of the next decade, the automaker hopes to be offering over 30 different EVs on that market.

The company’s increased activity in China is not surprising. With its dominant position on that market stolen by BYG Group and its sales rapidly falling, it needs drastic measures to take back the lost market share.