Shanghai (ZXZC)- Volkswagen (China) Investment Company Limited on May 16 founded a new energy technology joint venture in China with Jiangsu Wanbang Dehe New Energy Technology Co.,Ltd, JAC Motors and a 99.62%-owned subsidiary of FAW Group, according to qichacha.com, a Chinese enterprise information search platform.

Involving registered capital of RMB812 million, the newly-built subsidiary’s business scope extends to cover the R&D, design, manufacturing and sale of EV wallbox chargers and charging piles, and the installation, maintenance and operation of charging piles.

Its legal representative is Wei-Ming Soh, Executive Vice President of Volkswagen AG.

Respective subscribed capital contribution of Volkswagen China, FAW Group’s subsidiary and JAC Motors amounts to RMB243.6 million, RMB243.6 million and RMB81.2 million.

The new joint venture is located at the Wujin National Hi-Tech Industrial Zone, Changzhou, Jiangsu Province, where one of parent companies, Jiangsu Wanbang Dehe is situated.

Volkswagen AG said it is planning to launch almost 70 new electric models by 2028. As a result, the projected number of vehicles to be built on the Group’s electric platforms in the next decade will increase from 15 million to 22 million, among which 11.6 million units is planned to come from China.