Volkswagen China and FAW-Volkswagen plan to jointly invest about 800 million yuan in charging station operator CAMS to accelerate the deployment of charging network in China.
(Image credit: Volkswagen)
Volkswagen plans to invest more in a charging joint ventures in China to increase its bet on the world's largest electric vehicle (EV) market.
Volkswagen China and FAW-Volkswagen plan to jointly invest about 800 million yuan ($110 million) in charging station operator CAMS New Energy Technology (CAMS) to accelerate the layout of charging network in China, according to a July 3 press release.
The transaction, which will be completed after regulatory approvals are obtained, is intended to further accelerate the layout of the charging network in China and enhance the user experience, Volkswagen said.
CAMS was founded in May 2019 and is based in Changzhou, Jiangsu province. Volkswagen China holds a 30 percent stake in the company, China FAW holds 30 percent, and two other local companies hold 40 percent of the remaining shares.
By June 2023, CAMS had established 1,250 supercharging stations in China, offering 10,950 charging terminals covering more than 180 cities and serving more than 2 million registered users, according to the Volkswagen press release.
By 2025, CAMS plans to have 17,000 fast charging terminals in China with superchargers ranging from 120 kW to 180 kW and even 300 kW to 480 kW, it said.
In addition, Volkswagen China and CAMS have joined forces with a subsidiary of State Grid to launch a managed charging (V1G) pilot in the Beijing-Tianjin-Hebei region.
The pilot's intelligent remote-control technology can control charging power according to the requirements of grid load regulation, thus balancing power supply and demand and contributing to grid stability, according to Volkswagen.
The first phase of the pilot program will run from July 2023 to June 2024, with 2,400 EV customers initially planned to be recruited in the Beijing-Tianjin-Hebei region.
Volkswagen's weekly sales of new energy vehicles (NEVs) in China were 3,900 units in the week of June 26 to July 2, according to data shared yesterday by local auto media outlet Dongchedi.
($1 = RMB 7.2144)
China NEV insurance registrations for week ending Jul 2: BYD 54,000, Nio ES6 1,900
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