July 10, 2018 / 12:03 PM / 12 days ago

VW agrees Chinese cooperation on e-mobility, autonomous driving

FRANKFURT (Reuters) - Volkswagen (VOWG_p.DE) said it has agreed to cooperate with China’s FAW Group (000800.SZ) and the China Intelligent and Connected Vehicles Research Institute (ICV) on technologies including e-mobility, connectivity and autonomous driving.

FILE PHOTO: A Volkswagen logo is pictured during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt/File Photo

VW said on Tuesday it had signed Memorandums of Understanding with the two groups during a visit by Chinese Premier Li Keqiang to Germany.

Volkswagen aims to sell around 1.5 million new energy vehicles in China in 2025.

To reach that goal, it plans to roll out around 40 locally made fully electric vehicles and plug-in hybrids under its VW, Audi, Skoda and SEAT brands as well as under a new joint venture with JAC (600418.SS) announced on Monday.

“By 2022 Volkswagen will jointly with its partners in China provide around 15 billion euros for future topics such as e-mobility, autonomous driving, digitalization and new mobility services,” it said.

Reporting by Maria Sheahan; Editing by Victoria Bryan

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