Xinhua | 21-Jun-2020 | by Wang Aona, Liu Fangqiang and Cao Bin
At least three foreign automakers have announced plans so far this year to invest in China’s new energy vehicle (NEV) industry.
Toyota Motor Corp. and China’s leading NEV manufacturer BYD forged a 50-50 joint venture to jointly develop car batteries and electric vehicles. German carmaker Volkswagen announced that it would invest around 2.1 billion euros in electric mobility in China.
BMW followed suit by inking a contract with the leading charging station provider State Grid EV Service Company, in a bid to promote e-mobility in China. In five to eight years, NEVs are expected to keep pace with fuel-driven vehicles in terms of competitiveness.
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