Volkswagen AG announced plans to introduce electric cars and low-priced entry-level models to China to defend its share in its largest market.
VW CEO Matthias Mueller spelled out his plans on Thursday for China and other markets as part of the company's long-term strategy, dubbed Together -- Strategy 2025.
Mueller reaffirmed the company's expansion and investment plans for North America and China, adding he expected China would be the main market for VW's new electric cars.
He also said VW was in talks with potential partners to bolster its position in China's growing economy-car market, a weak spot for the business.
Worldwide, VW plans to invest more than 10 billion euros (73 billion yuan) by 2025 in areas such as electric cars and ride-hailing as it seeks to reshape its business.
Mueller gave few further details, saying they would be announced by the company's individual brands.
The announcements suggest that VW is trying to shield its Chinese investments from companywide cost-cutting in the wake of its diesel emissions scandal.
The company has set aside 16 billion euros to cover the cost of vehicle refits and a settlement with U.S. authorities, and analysts expect more fines and legal costs.
Source:Automotive News China