German auto giant Volkswagen signed cooperation agreements with three Chinese companies over two days, aiming to tap into the Chinese electric vehicles market, The Paper reported.
On Monday, Volkswagen signed a memorandum of understanding with JAC Motor, a Chinese state-owned automobile and commercial vehicle manufacturer, and SEAT, a Spanish automaker.
The plan is to co-invest in a research center to develop new energy vehicles customized for the Chinese market, as well as the Internet of Vehicles, related components and core technologies. The center is expected to be completed by 2021.
On Tuesday, the company announced another cooperation with FAW Group, with the aim of setting up two new joint ventures to work on smart travel solutions.
On the same day, the German automaker also established bonds with Guoqi Intelligent Networking Automotive Research Institute to jointly develop intelligent technologies that meet the needs of the Chinese market.
The venture will further explore industry standards and promote the development of intelligent networks and driverless technology.
It is reported that Volkswagen will invest a total 15 billion euro (US$17.51 billion) with its Chinese partners to develop electric public transport, driverless driving and digitalization by 2022.
According to reports, it is planning to sell 1.5 million electric vehicles in China by 2025.