Volkswagen Group invests approximately 1 billion euros to establish a new company in Hefei

Volkswagen Group announced that it will invest approximately 1 billion euros in Hefei, Anhui to establish a new company called "100% TechCo" to focus on the research and development and innovation of intelligent connected electric vehicles. The new company is scheduled to be put into operation in 2024 and will further promote Volkswagen Group's technological innovation in the Chinese market.