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Volkswagen Anhui Headquarters in Hefei, Anhui Province, March 15, 2023./ CFP
At the third China-Germany High-level Financial Dialogue over the weekend, top leaders from China and Germany have achieved mutual consensus on 25 topics to strengthen bilateral economic cooperation.
The enhancing economic tie between the two sides has also promoted the development of the new electric vehicle (NEV) sector.
Chinese NEV maker, NIO has established 49 service centers in European countries, including Germany and Norway. Chinese automaker BYD's overseas expansion has also gained speed, with its NEVs being exported to 70 countries and regions across the world.
Latest data from China's Ministry of Industry of Information Technology shows in the first eight months of this year, China exported 727,000 NEVs, an increase of 1.1 times year on year.
While Chinese NEVs companies furthered their overseas expansion, German auto firms are laying out their NEV entry approach into the Chinese market as well.
German automaker Volkswagen has strengthened its NEVs research and development ability with a 23.1-billion-yuan investment ($3.2 billion) in China's Anhui Province last month.
Earlier, the auto giant bought a nearly five percent stake in Chinese NEV maker XPeng for $700 million to strengthen its own NEV R&D capabilities.
China has a completed NEV supply chain, which offers full support to the sector to develop, said Li Bin, the CEO of NIO, adding that's why more and more global auto manufacturers are seeing the potential and ability of China's NEV market.
(With input from Xinhua)
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Disinformation report hotline: 010-85061466