Volkswagen will invest 1 billion euros to build an electric vehicle R & D and procurement center in Hefei to speed up the launch of products.

Thanks to the CTOnews.com netizen Mr. Air, MissBook for the clue delivery! CTOnews.com, April 18 (Xinhua)-- Volkswagen Group announced today that it will set up a new company called TechCo, with an investment of 1 billion euros (CTOnews.com Note: about 7.53 billion yuan) to set up an electric vehicle development, innovation and procurement center in Hefei, China, which is scheduled to start in 2024.

TechCo will have more than 2000 employees, with Marcus Hafkemeyer, chief technology officer of Volkswagen Group China, as chief executive, Volkswagen said in a statement.

Tuyuan Pexels Volkswagen said the center expected to reduce the development time of new products and technologies by about 30 per cent and involve suppliers in the early stages of product development to speed up time to market and "make group vehicles meet the expectations of Chinese customers more quickly". 100% TechCo is expected to play an important role in the development of Volkswagen-branded models to be launched in 2024, the statement said.

Yesterday, Volkswagen brought a new high-end electric car, the ID.7, on the eve of the Shanghai auto show. Thomas Schaefer (Thomas Schafer), CEO of Volkswagen's passenger car business, said the company planned to launch 10 more electric vehicles by 2026.

"as Volkswagen, we remain firmly committed to the Chinese market," Schaefer said at the Shanghai auto show.... our guiding principle is to develop at full speed in China and serve the Chinese market. "

According to reports, the company is investing heavily in design, production and research and development with its Chinese joint venture partners, adding that the company has as many as 2000 developers at its R & D centre in Anhui province.