Jianghuai Automobile and Volkswagen Sign Letter of Intent on Deepening Cooperation on Electric Vehicles

May 29, 2020, Beijing, Great Hall of the People, Volkswagen Group's China business and electric ization strategy opened a new chapterVolkswagen will invest 1 billion euros to acquire a 50% stake in Anhui Jianghuai Automobile Group Holdings Co., Ltd., the parent company of Anhui Jianghuai Automobile Group Co., Ltd., while increasing its stake in the electric vehicle joint venture Jianghuai Volkswagen to 75%, gaining the management of the joint venture and transforming the management model of the enterprise"Volkswagen has joined hands with a strong and trusted partner to further promote the Group's electricization strategy in China
," said DrDeiss, CEO of theAnhui Jianghuai Automobile Group and The German Volkswagen Group' strategic joint venture cooperation agreementAt present, the rapid development of electric vehicles, but also for Jianghuai Volkswagen to bring more opportunitiesIn-depth cooperation will promote Volkswagen's electricization strategy in China and help the Group achieve carbon neutral and target stakes by 2050"
MrAn Jin, Chairman of Anhui Jianghuai Automobile Group Holdingco Co., Ltd., said, "We are very pleased to further strengthen cooperation with the world-renowned automobile manufacturer Volkswagen Group, China's electric vehicles are at the forefront of research and development and applications, we will work together to promote the development of the electric vehicle market, to bring more green electric vehicle products to global consumers" Volkswagen Group is proud to become part of the development of China's automotive industryFrom the market development of that year, to today's deepening cooperation, history has witnessed a more open Market environment in China, but also witnessed Volkswagen to become China's most trusted partnerDrFeng Sihan, CEO of Volkswagen Group (China), said, "It is an honor for Volkswagen Group to participate in the development process of Anhui Jianghuai Automobile Group Holdings Co., Ltdand to witness with you another milestone of mutual trust and friendship and friendship between China and Germany." The investment will further deepen the Volkswagen Group's strategy to localize and sustain mobile mobility in ChinaFurther opening up of the Chinese market will also give the Volkswagen Group more opportunities "
Anhui Jianghuai Automobile Group, Germany Volkswagen Group strategic joint venture cooperation agreement signed and launchceremony
increase the equity to change Jianghuai Volkswagen enterprise management model
through the transformation of Jianghuai Volkswagen management model, the Group will promote the joint venture business forward, and further promote the development of the electric strategy Volkswagen (China) Investment Co., Ltd and relevant government agencies in Anhui Province formally signed the "Letter of Intent for Cooperation" to obtain a 50% stake in Anhui Jianghuai Automobile Group Holdings Co., Ltd., the parent company of Anhui Jianghuai Automobile Group Co., Ltd., while increasing its stake in Jianghuai Volkswagen to 75% This strategic investment is also the first time that multinational companies have actively participated in the in-depth reform process of Chinese automotive industry enterprises the signatories plan to complete the deal by the end of this year after obtaining approval from the relevant departments Since its inception in 2017, Jianghuai Volkswagen has been committed to the development, production and sale of pure electric vehicles The new investment will further strengthen the group's ongoing strategy of electrification In addition, the company plans to launch five more pure electric vehicles by 2025, while establishing and improving electric vehicle factories and research and development centers investment plan to help China's auto market and Volkswagen achieve sustainable development goals
Volkswagen Group (China) and relevant government departments to implement this series of new milestones, to lay a solid foundation for the future of the Group, while helping to build Anhui Province into china's electric travel industry base Anhui Province's new energy vehicle production and sales volume currently accounts for nearly 13% of the country's overall market 35 years ago, the Volkswagen Group pushed the Chinese auto industry into the car industry by bringing private cars into thousands of homes In 1984 and 1991, SAIC-Volkswagen established two joint ventures, establishing mutual trust and respect The investment in electric vehicles is another milestone in Volkswagen's development in China and will also help china's second major transformation of the automotive market and make solid steps towards an electric and sustainable future Previously, Volkswagen Group (China) has announced plans for future sustainability In 2025, the Group plans to deliver about 1.5 million new energy vehicles to Chinese consumers By 2050, the Group is committed to achieving carbon-neutral targets globally, including in the Chinese market Powered by new business decisions and investments, the e-electro-strategy will play an important role in achieving this goal Jianghuai Automobile, founded in 1964, is a full range of commercial vehicles, passenger cars and powertrains and other research, production and marketing and service in one of the "advanced energy-saving cars and new energy vehicles combined enterprise group." Over the years, Jianghuai Automobile has always been "energy-saving, environmental protection, safety, intelligence, networking, comfort" as the key technology research and development route, orderly promotion of new energy vehicles in line with the new standards of product development and marketing, to create in line with the trend of the times and customer demand trends of the model Jianghuai Automobile clearly put forward that new energy vehicles are the company's strategic core business, the plan to 2025 Jianghuai new energy vehicle sales accounted for more than 30% of total sales