F - Volkswagen unveils new EV model inks supply chain deal in Indonesia

2023-04-17 09:45:15 ET

Volkswagen ( OTCPK:VWAGY ) unveiled its new ID.7 electric vehicle on Monday while also announcing a key supplier deal in Asia.

The new ID.7 is an upper mid-size EV, with up to 700KM in range. The new model is scheduled for a rollout in Europe and China by the fall. A release in North America is anticipated in 2024.

“With the ID.7 we are taking the next step in our electric offensive,” CEO Thomas Schäfer wrote. “Already by 2026, we will offer the widest electric range of all manufacturers in Europe – from the entry-level model for less than 25,000 euros up to the ID.7 as the new top model within the ID. family. Our goal is to achieve an electric car share of 80% in Europe by 2030. From 2033, Volkswagen will produce only electric vehicles in Europe.”

Elsewhere, Indonesian finance minister Bahlil Lahadalia said that Volkswagen ( OTCPK:VWAGY ) will partner with PT Vale Indonesia Tbk ( OTCPK:PTNDF ), Ford ( F ), and China’s Zhejiang Huayou Cobalt Co. to invest in a supply chain for raw materials from Indonesia. Huayou Cobalt is also partnering in creating the supply chain in the nation for major automakers’ EV ambitions.

Read more on Ford’s investment in the country .

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