Group 1 - Volkswagen Group's supervisory board has extended the contract of Berndt, the head of China operations, for another three years until summer 2028, emphasizing the importance of stable management for achieving strategic goals in the Chinese market [1][5] - Berndt's initial three-year term is set to end on July 30, and he has been pivotal in advancing product development and implementing the "In China, For China" strategy, which involves significant investments [1][2] - The past three years have been defined as a critical transition period for Volkswagen in China, focusing on the localization of electric vehicle development and integration into the local ecosystem, supported by a total investment of 50 billion yuan [3] Group 2 - Volkswagen's transformation investments are expected to peak in 2024, with a "monetization period" approaching, as the company prepares to deliver its first locally developed electric smart vehicles starting in the second half of 2025 [4] - The company plans to launch over 20 new smart connected vehicle models in China by 2026, covering various powertrains, to increase its market share in the Chinese electric vehicle sector [4] - Despite the ongoing transformation, there are concerns regarding the declining investment returns from joint ventures in China, with expected earnings of 1.7 billion euros in 2024, a 33.5% year-on-year decrease [4][5] Group 3 - The renewal of Berndt's contract reflects the supervisory board's recognition of the rapid progress in China's strategy and signals strong support for the ongoing transformation and local integration [5] - Other key members of the Volkswagen China board have undergone changes, indicating a shift in management as the company prepares for the next three years of competition in the electric vehicle market [5]