Due to possible deal with JSW: Volkswagen holds back investments in India
Article excerpt
Volkswagen is apparently holding back further investments in a planned electric car program for India for the time being. The group reportedly wants to wait for negotiations with the Indian JSW Group regarding a joint venture. However, the fundamental development work for a cost-effective e-car has apparently already been completed. Volkswagen has apparently put further investments in its planned electric car program for India on hold for now. As Bloomberg reports, citing people familiar with the matter, the group wants to gain more clarity about the possible partnership with the Indian JSW Group before pouring more money into the venture. According to the report, development work has already progressed to the point where the project could be driven forward quickly once an agreement is reached with the potential partner. There is as early as last year, it was said that Volkswagen or Skoda, VW's most important brand in India, could not invest as much money into the platform themselves as originally planned. Currently, neither Skoda nor VW offer electric cars on the Indian market, only combustion engine vehicles. That is set to change in 2028. Volkswagen and JSW initially declined to comment on the new Bloomberg report. Volkswagen and Skoda announced in early September that they are exploring a strategic partnership with JSW. To this end, the companies signed a Memorandum of...
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To this end, the companies signed a Memorandum of Understanding.
