SHANGHAI, June 27 (Xinhua) -- China's SAIC Motor and Germany's Volkswagen Group will further expand their presence in China's new energy vehicle (NEV) market, with the two carmakers signing several energy technology cooperation agreements on Thursday.
The two companies will jointly develop three plug-in hybrid models and two pure electric models, which are expected to be launched in the Chinese market as soon as 2026, according to the agreements.
In May, SAIC Motor signed a cooperation agreement with Volkswagen's premium brand Audi, officially launching the joint development of the Advanced Digitized Platform, which will reduce the cars' time-to-market by more than 30 percent.
"In China's dynamic and competitive energy vehicle market, it is of great importance that we continue to strengthen our strategic partnership with SAIC and drive forward the electrification of SAIC Volkswagen's portfolio," said Ralf Brandstätter, chairman and CEO of Volkswagen Group China.
Over the past decade, SAIC Motor has invested nearly 150 billion yuan (about 21.05 billion U.S. dollars) in research and development in core technology areas, such as NEVs and intelligent connected vehicles, and has more than 26,000 valid patents. ■
