Volkswagen Group investing €1B in vehicles and components, purchasing center in Hefei; shortening development time by 30%

The southern Chinese city of Hefei will soon be home to a new development, innovation, and procurement center for fully connected intelligent electric vehicles, as the Volkswagen Group invests approximately €1 billion in the project. The new company, dubbed ‘100%TechCo,’ aims to combine R&D teams for vehicles and components with purchasing to integrate local technologies into product development at an early stage. The ultimate goal is to shorten the time to market for vehicles and align them more closely with the desires of Chinese customers. The unit, which will comprise over 2,000 employees from procurement and R&D, is expected to launch in early 2024 under the leadership of CEO Marcus Hafkemeyer, Chief Technology Officer of Volkswagen Group China

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