Volkswagen Will Launch 10 More EV Models By 2026

Volkswagen AG of Germany said on Tuesday that it intends to launch ten more electric vehicle (EV) models by 2026 and that it remains committed to China, where established foreign brands are losing ground to nimble local rivals. "As Volkswagen, we remain steadfastly committed to China... "Our guiding principle is full-speed development in China, for China," Thomas Schafer, CEO of VW Passenger Cars, said on Tuesday at the Shanghai auto show. Volkswagen, the top-selling passenger vehicle brand in China for decades, is one of the legacy foreign automakers seeing their market share in the world's largest auto market shrink as Chinese competitors launch electric vehicles. Volkswagen's 2022 sales fell 3.6% to 3.18 million vehicles.

In February, Chinese EV manufacturer BYD outsold Volkswagen-branded vehicles, becoming China's best-selling passenger car brand for the second month in a row. Schafer, who unveiled the upper-end ID.7 EV model on Tuesday, stated that Volkswagen plans to introduce ten more EV models by 2026. Volkswagen stated earlier this year that it intends to reduce the time it takes to market for new models from four years to closer to the 2.5-year average for its Chinese counterparts, in part by further localising research and development for Chinese models.

Schafer stated that the company is investing heavily in design, production, and research and development with its Chinese joint venture partners, and that it has up to 2,000 developers in its R&D hub in Anhui province.