World Trade

“Volkswagen Commits to Accelerating EV Production in China, Calls for Extension of NEV Tax Incentives”

A top executive from Volkswagen China reaffirmed the automaker’s commitment to ramping up the adoption of electric vehicles (EVs) in China, despite obstacles such as increased competition and weak demand. The company plans to boost the number of charging posts for EVs in China to 17,000 by 2025 and invest €15 billion ($16.26 billion) in electric mobility in the country by 2024, according to Stefan Mecha, CEO of Volkswagen China. Speaking at the EV 100 forum in Beijing, Mecha stated that the company is determined to innovate and improve, despite fierce competition in the Chinese market. Mecha also expressed confidence that the demand for EVs would eventually pick up, despite current softness in demand. Mecha called on China to extend a purchase tax exemption on new energy vehicles (NEVs), including pure electric and plug-in hybrid vehicles, beyond this year, as part of the government’s continued support for the industry. In September, China extended the tax exemption for NEVs by a year to the end of 2023.

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