Volkswagen Group has reaffirmed its commitment to the Chinese market by extending its joint venture (JV) with SAIC Motor Corporation Limited until 2040. This strategic move is a significant milestone in the company’s “For China” strategy, which aims to further strengthen Volkswagen’s presence in the country.
The extended partnership between Volkswagen and SAIC will enable the companies to continue working together to develop innovative products and technologies tailored to the Chinese market. The JV has been instrumental in Volkswagen’s success in China, with the company having sold over 40 million vehicles in the country since the partnership was established in 1984.
According to Stephan Wöllenstein, CEO of Volkswagen Group China, “Our partnership with SAIC has been a cornerstone of our success in China. By extending our JV until 2040, we are demonstrating our long-term commitment to the Chinese market and our confidence in the partnership.”
The “For China” strategy, launched by Volkswagen in 2020, focuses on accelerating the company’s growth in China through a range of initiatives. These include the launch of new models, the expansion of the dealership network, and the development of new technologies.
Volkswagen has also established a number of new partnerships with Chinese companies, including a JV with JAC Motors to develop electric vehicles. These partnerships are expected to further strengthen Volkswagen’s position in the Chinese market, which is the world’s largest automotive market.
The extension of the JV with SAIC is seen as a significant step forward in it’s “For China” strategy. The partnership is expected to continue to play a key role in it’s success in China, enabling the company to develop innovative products and technologies tailored to the Chinese market.
The company is headquartered in Wolfsburg, Germany, and its name translates to “People’s Car,” reflecting its mission to produce reliable and accessible cars. It’s product lineup includes popular models like the Golf, Passat, and the iconic Beetle, which has become a cultural symbol over the decades.
The company has also embraced innovation and sustainability, making significant strides in electric vehicle development with its ID series. Volkswagen’s global presence, engineering excellence, and commitment to sustainability continue to position it as a dominant force in the global automotive industry.
