Volkswagen has affirmed its China-only budget brand with associate FAW is going with two SUVs in the pipeline.
Talking at the VW Group annual results press conference that was ’s, VW CEO Matthias Müller said : we’re working full steam on the budget automobile with our joint venture with FAW Volkswagen. We plan for this to be an independent brand
Details on the funding enterprise are thin, but Müller verified that the first two automobiles introduced under the brand that is as yet unnamed will both be SUVs. The news comes after details that the former VW boss will receive a payment of £7,000,000.
It’s not unlikely that among these will be a midsize SUV, given the present market demand in this section, and that hatchback and saloon versions that may follow – platform-sharing is unavoidable, as Volkswagen seeks to minimise development costs of the budget range.
It’s not yet understood which section the second SUV will take.
The brand will be contradicts business guess, and the VW Group’s 13th that Volkswagen will sell off some of its subsidiary companies in the light of building fiscal sanctions coming from your emissions scandal that is continuing.
“To my mind I’ve expressed 13 brands isn’t a weakness but a strength. At these times, we’re now not looking into such concerns,” said Müller.
Despite earlier reports the brand will go on sale in additional markets including Africa and India, South America, Müller verified the budget brand will be sold in China.
VW’s associate FAW, in the endeavor, is a state-owned manufacturing company, which makes commercial and mass market vehicles; it also offers joint ventures with Toyota and General Motors in China.