GERMAN carmaker Volkswagen said today it would invest €1 billion (RM 5.3 billion) in a new development centre for electric vehicles in China, as the EV market proved a key battlefield for brands at the Shanghai Auto Show.
“The company is investing around €1 billion in a new state-of-the-art development, innovation and procurement centre for fully connected intelligent electric vehicles in the southern Chinese city of Hefei,” the group said in a news release.