Volkswagen Group VWAGY is planning to launch the compact electric car ID.3 in China on Friday, cnEVpost reported, citing the company.
What Happened: The locally made compact electric will be the third such model from Volkswagen's ID. series lineup of electric vehicles.
The ID.3 is one of the top-selling electric cars in Europe.
Volkswagen already makes and sells the ID.4 and ID.6 electric vehicles in China.
The German automaker began delivering its first all-electric ID.4 Crozz in March this year, a model that it makes in partnership with China’s FAW Group.
The ID.3 for China is made at a SAIC-Volkswagen jointly operated plant in Shanghai.
Why It Matters: China, the world’s second-largest automaker, is a key market for Volkswagen where it aims to sell up to 100,000 ID. series electric vehicles this year. While the automaker has much catching up to do to meet the target, the new launch is expected to lift sales due to a more affordable price point for ID.3.
The German automaker sold 1.85 million vehicles in the country in the first half of 2021, making China its single largest market with a 37% share of total volumes. Volkswagen brands make up for 18% share of the China auto market, as per LMC Automotive, reports the Wall Street Journal.
Tesla Inc TSLA and Nio Inc NIO have already made a head start with their electric vehicle lineup in China.
Volkswagen reported delivering 10,126 ID. series of electric vehicles in China, sitting neck-to-neck with local electric vehicles startups Nio and Xpeng Inc. XPEV, which delivered 10,628 and 10,412 units, respectively.
Price Action: VWAGY shares closed 0.16% higher at $31.17 a share on Friday.
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Photo: Courtesy of Volkswagen
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