On April 18, Volkswagen Group announced that it will invest about 1 billion euros to establish a new company called "100% TechCo" in Hefei, Anhui Province, to establish a R&D, innovation and procurement centre focusing on smart networked electric vehicles.
The new company will be headed by Volkswagen Group (China) Chief Technology Officer Han Hongming as CEO and is scheduled to start operations in early 2024. The company will cover vehicle development, component development and sourcing functions, and will reduce the development cycle of new products and technologies by approximately 30 percent.
Volkswagen Group said that 100% TechCo will not only integrate the Group's vehicle and component development functions in China, but will also include procurement functions. In view of this, local suppliers will be able to participate in the early process of product development, incorporating the most advanced technologies and application solutions into new products. Moreover, through the new company, the R&D projects of SAIC-Volkswagen, FAW-Volkswagen, VW Anhui and other Group joint ventures in China will be more closely synergised.
In addition, Volkswagen Group said the new company will play a key role in the development of new models planned to be launched by the Volkswagen brand in 2024. The future company will have more than 2,000 employees in procurement and R&D.
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