SJVN’s Heat and Power Generating Green Hydrogen Project Starts Operation

Bihar Invites Bids for 200 MW Rooftop Solar Projects

REC Avails $388 Million Loan from SACE for Green Energy Projects

Daily News Wrap-Up: RUMSL Invites Bids to Develop 170 MW Solar Project

US Solar Manufacturers File Trade Petition Against Solar Imports From Southeast Asia

Captive Segment Growth Drives KPI Green’s Profit Up 36% in Q4 FY24

Corporate Funding in Energy Storage Sector Surges Five-Fold to $11.7 Billion in Q1

CERC Grants Connectivity for 300 MW Solar Project Citing Force Majeure Events

Hitachi Energy Invests $1.5 Billion to Meet Surging Transformer Demand

US Aims to Slash Grid Interconnection Timeline from 33 to Under 12 Months by 2030


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/04/amazon_polly_52831.mp3?version=1682063932">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The <a href="https://www.volkswagenag.com/" target="_blank" rel="noopener">Volkswagen Group</a> is investing roughly €1 billion (~$1.09 billion) to establish a development, innovation, and procurement center for intelligent electric vehicles in Hefei, a city in southern China, as part of its strategy to expand its development capabilities.</p>
<p>The center, named &#8216;100%TechCo,&#8217; will combine research and development teams for vehicles and components, thereby integrating advanced local technologies into product development at an early stage and leveraging synergies in the development process.</p>
<p>The objective is to bring Volkswagen vehicles more closely in line with Chinese customers’ preferences and reduce the time to market.</p>
<p>The new center is projected to reduce the development times for new products and technologies by approximately 30%.</p>
<p>According to Ralf Brandstätter, a Group Board Member for China, the formation of 100%TechCo is a significant component of the company&#8217;s &#8216;in China, for China’ strategy.</p>
<p>This will also enhance the effectiveness of collaboration with its joint venture partners and lead to greater profitability.</p>
<p>In addition to combining research and development for vehicles and components in China, 100%TechCo will merge procurement into a unified unit for its R&amp;D activities.</p>
<p>Furthermore, the new company intends to more closely integrate the development projects of all the Volkswagen Group&#8217;s joint ventures in China.</p>
<p>The newly established unit, 100%TechCo, is expected to become operational at the beginning of 2024, with over 2,000 employees from procurement and R&amp;D.</p>
<p>Marcus Hafkemeyer, who will serve as the CEO of the new company, said the new company represents a new chapter in Volkswagen&#8217;s collaboration with its joint venture partners in Changchun, Shanghai, and Hefei, as well as with the group&#8217;s brands.</p>
<p>The company is expected to play a significant role in the development of a future Volkswagen brand model scheduled to launch in 2024.</p>
<p>In October 2022, Umicore<u>,</u> a Belgium-based circular materials technology company, and Volkswagen Group’s battery unit PowerCo <a href="https://www.mercomindia.com/umicore-volkswagens-powerco-e3-billion-deal-battery-materials" target="_blank" rel="noopener">announced</a> a joint venture with a plan to invest about €3 billion ($3.3 billion) to establish a large-scale supply chain for sustainable batteries.</p>
<p>Earlier in the year, Mahindra &amp; Mahindra and the Volkswagen Group <a href="https://www.mercomindia.com/daily-news-wrap-up-ntpc-commissions" target="_blank" rel="noopener">signed</a> a term sheet on supplying modular electric drive matrix (MEB) electric components for Mahindra’s new, purpose-built electric platform INGLO.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
<br />
<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
</div></div><div class="clearfix"></div></div></div>

Volkswagen to Invest $1 Billion in Intelligent Electric Vehicle Center in China

chinese-customers

Get the most relevant India solar and clean energy news.

RECENT POSTS