Shanghai (Gasgoo)- Volkswagen Group China, FAW Group, JAC Motors and Star Charge, a China-based EV charging infrastructure manufacturer, officially announced on July 11 the launching of a new joint venture that focuses on EV charging business, according to local media reports.
The new joint venture, dubbed CAMS New Energy Technology Co.,Ltd (CAMS), involves a total registered capital of RMB812 million, which is 30%, 30%, 30% and 10% owned by Volkswagen Group China, FAW Group, Star Charge and JAC Motors respectively,
Its legal representative is Weiming Soh, Executive Vice President of Volkswagen AG.
(Photo source: CAMS)
The new JV's business scope extends to cover the R&D, design, manufacturing and sale of EV wallbox chargers and charging piles, and the installation, maintenance and operation of charging piles, according to the record from TianYanCha.com, a data tech service platform with a vast repository of Chinese enterprise information.
An electric vehicle is able to travel up to 400km after 15-minute charging using CAMS’s 360kW fast-charging station, local media reported. Besides, the new JV is to plow cash into such technical fields as autonomous charging robot and wireless charging.
China's NEV market has been rapidly expanding in the past decade powered by a series of incentive policies and a huge amount of investment. By the end of June 2019, China has already owned 3.44 million NEVs, jumping 31.87% compared with the NEV population as of December 2019, according to data from China's Ministry of Transport.
Echoing the fast-growing NEV market is a remarkable growth in EV charging infrastructure quantity nationwide. By the end of June 2019, numbers of charging piles in China accumulated to around 1.002 million units, surging 69.3% from the year-ago period, said the China Electric Vehicle Charging Infrastructure Promotion Alliance (EVCIPA).
China plans to increase the number of charging piles to 4.8 million units by the end of 2020, including 2.8 million private wall box chargers and 500 thousand public charging piles, said Weiming Soh.
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