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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 over the weekend in Shenzhen.
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), CnEVPost reported.
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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, as per CnEVPost.
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 by 2024.
Why It Matters: Volkswagen OTC shares have soared 68.2% since the year began 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.
The two-door car outsold Tesla Inc’s (NASDAQ:TSLA) Model 3 last month. The sedan made by the Elon Musk-led company sells for $39,000 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: Volkswagen OTC shares closed nearly 5% lower at $34.15 on Friday.
Read Next: A New Rival To Tesla And Nio? This Lesser-Known Chinese EV Stock Has Surged 924% In A Year
Photo courtesy: Volkswagen
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.