Volkswagen AG announced about the signing of an agreement with the largest Chinese automaker SAICMotor Corporation Ltd, concerning the beginning of the production of hybrid electric vehicles for the largest auto market in the world. The first electric vehicles will be produced in Shanghai in four years. German carmaker Volkswagen AG and the largest Chinese automobile Corporation SAIC Motor announced about the signing of a partnership agreement for the production of hybrid electric vehicles for the Chinese market. They will be carried out an existing joint factory in Shanghai. In total 15 different models, starting from hybrid and fully electric will be produced. The agreement is a part of VW's strategy, which includes investment in China auto market, amounting to 22 billion euro until the end of 2019. Chinese market is growing for electric vehicles and hybrids production. The Chinese authorities have demonstrated their interest in clean technologies, and monstrous smog, which sometimes covers major Chinese cities, making electric vehicles not only interesting, but also desirable for consumers.
China has its own electric vehicle manufacturer-Kandi Technologies. Also, the market represented by the American manufacturer of luxury electric vehicles, the Tesla.