VW, JAC finalize EV plant deal for Chinaby Byron Hurd
China's Anhui Jianghuai Automobile and Volkswagen will invest more than $750 million in the joint venture.
Chinese automaker Anhui Jianghuai Automobile (JAC) and Volkswagen confirmed Thursday that they will construct a new, $750-million electric vehicle plant in Hefei city that will be capable of producing 100,000 EVs per year.
The first product of the JV will be the new E20X, which will go on sale later this year, according to Reuters.
The new facility is the first major product of a partnership which has been in the works for two years. The two companies have been engaged in joint development since it was announced.
Also included in the deal are plans to introduce the SEAT brand (complete with electrification) to the Chinese market by 2021.