VW Teams With Chinese Partners for $18 Billion Technology Push
- New CEO Diess speeds shift to electric, self-driving vehicles
- Spending adds to German manufacturer’s industry-leading plan
VW Doesn’t Plan Any Change in China Ventures’ Ownership
Volkswagen AG’s world-leading development budget is shifting into overdrive, bolstered by spending at its Chinese joint ventures as the German carmaker seeks an edge in producing electric, self-driving autos.
The partnerships’ technology investments in the next five years will total 15 billion euros ($18 billion), Jochem Heizmann, head of Volkswagen’s business in China, said Tuesday at a new-model presentation in Beijing. That amounts to an extra 44 percent on top of the German manufacturer’s own spending to create battery-powered, autonomous systems and related wireless services. The group is hiking its Chinese investments as the market continues to surprise to the upside, Heizmann said.