Volkswagen’s China charging joint venture CAMS obtains new round of capital increase

Shanghai (Gasgoo)- On July 3, Volkswagen Group China’s charging joint venture CAMS New Energy Technology Co., Ltd. (“CAMS”) held a ceremony to celebrate a new round of capital increase, which was jointly supported by its main shareholders including Volkswagen (China) Investment Company Ltd. (“Volkswagen China”), FAW Group, Wanbang Digital Energy Co., Ltd., and JAC Group.

In this round of financing, Volkswagen  China along with its partner, FAW-Volkswagen, intend to jointly invest approximately 800 million yuan in CAMS. The deal, pending applicable regulatory approval (including anti-trust scrutiny), aims to further accelerate the construction of CAMS' charging network nationwide, enhancing customer experience and meeting the fast-charging needs of private electric vehicle owners during their journeys.

Photo credit: CAMS

Since its establishment in 2019, CAMS has rapidly advanced the construction of high-quality charging infrastructure and developed innovative solutions combining home charging, public charging, and destination charging scenarios.

In 2023, CAMS continues its commitment to user-centered integrated innovation, creating the most innovative charging infrastructure ecosystem and full-scenario charging services to support large-scale intelligent electric mobility. By the end of June this year, CAMS' charging network had reached over 180 cities in China, with 1,250 charging stations and 10,950 charging points, serving over 2 million registered users.

The company aims to extend this coverage to 26 cities by 2023, with a charging station within a 5 km radius in the main urban areas of 16 cities.

By 2025, CAMS plans to increase the number of charging terminals to over 17,000, covering most cities in China.

After four years of accumulations, CAMS' charging replenishment network has taken shape. It's expected that by 2023, users in eight major city circles including Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Shenzhen, Chengdu-Chongqing, Shandong Peninsula, Middle Reaches of the Yangtze River, Central Plains, and the three provinces of northeast China, will enjoy the convenience of their electric vehicles being fully charged.

CAMS, jointly founded by Volkswagen China, FAW Group, Wanbang Digital Energy Co., Ltd., and JAC Group on May 16, 2019, is headquartered in Changzhou city, Jiangsu province. It combines the advantages of automakers and charging companies to provide a seamless connection from the charging infrastructure's R&D, manufacturing to intelligent interconnection of software, from private charging users to semi-public, public, and commercial users, from the industry source of power supply to the terminal experience of the service platform.