Over the weekend in Shenzhen, a joint venture between Volkswagen AG (OTC: VWAGY) and China’s state-owned First Automobile Works delivered its first electric sports utility vehicle — the SUV ID.4 Crozz — to 12 customers, according to Yahoo.
As reported by CnEVPost, What Happened: The SUV, available in five models, ranges in price between RMB 199,000 ($30,720) to RMB 279,900 ($43,000) after subsidies and has a range of between 400 KM (248 Miles) to 550 KM (342 Miles).
As per CnEVPost, the SUV is built on Volkswagen’s $7 billion modular MEB platform and is considered the first truly competitive vehicle for the Chinese market for the joint venture.
By 2024, the MEB plant of the JV — located in Foshan, Guangdong province — currently produces in excess of 600,000 units and is expected to make 770,000 units.
Why It Matters: Since the year began Volkswagen OTC shares have soared 68.2% and rose 29.25% higher last Wednesday alone after the company revealed its technology roadmap for batteries and charging up to 2030.
Wuling Motors — a joint venture between General Motors Compay (NYSE: GM) and state-owned SAIC Motor — has also found success with its Hong Guang Mini EV, which sells for $4,500 in China.
Tesla’s Model Y SUV was the best-selling electric car in China in February with 4,630 units sold. Xpeng Inc (NYSE: XPEV) delivered 2,223 deliveries and Nio Inc (NYSE: NIO) 707 units in the same month.
Price Action: On Friday, Volkswagen OTC shares closed nearly 5% lower at $34.15.