On 3rd July 2023, Volkswagen Group China announced an investment of RMB800 million (approximately USD111 million) in CAMS New Energy Technology (CAMS).
CAMS New Energy Technology is a joint venture by Volkswagen Group China, Star Charge, FAW Group and JAC Motors. It provides charging services for EVs. As of June 2023, CAMS has established 1,250 public charging sites and 10,950 charging points in over 180 cities in China, serving over 2 million users. By 2025, CAMS plans to construct 17,000 fast-charging points across the country.
Meanwhile, Volkswagen Group China also announced its collaboration with CAMS and the State Grid Vehicle Network to initiate a smart charging pilot project (V1G) in the Beijing-Tianjin-Hebei region. The project aims to explore sustainable and flexible charging solutions while reducing customers’ charging costs. The first phase of the project, involving 2,400 EV users, is scheduled to commence in July 2023 and last until June 2024.
These two initiatives collectively accelerate Volkswagen Group’s establishment of an EV charging network in China.
Ralf Brandstätter, CEO of Volkswagen Group China, stated during the China Auto Forum on 6th July 2023 that the company will expedite the introduction of pure electric products in China. By 2030, the group’s brands will launch more than 30 pure electric models. At the recent Shanghai Auto Show, Volkswagen unveiled its first pure electric model—the ID.7.
The rapid development of CAMS will greatly assist Volkswagen Group China in expanding its charging network and driving the company’s electrification transformation in the Chinese market.
If you require in depth analysis of the current and planned technologies at both the vehicle and charger level, check out the EV Charging Quarterly Outlook.
Photo source: CAMS New Energy Technology Ltd