Oliver Blume, CEO of Volkswagen Group, said China has emerged as the epicenter of the automotive industry's future.

He made the remarks on Friday at the 2024 World New Energy Vehicle Congress held in Haikou, Hainan province.

Volkswagen is celebrating its 40th anniversary in China, its largest market around the world.

"Over the past four decades, we take great pride in having become an integral part of Chinese life and in shaping the development of the Chinese automotive industry," he said.

Blume said its success lies in cooperation with local Chinese companies including FAW and SAIC.

Now the German carmaker has 50 million customers, almost 40 factories and 90,000 employees in China.

Looking forward, he said the company has made key strategic decisions and defined its Target Picture 2030, with a clear ambition to be the number one international car company in China.

One key element of Volkswagen's strategy is a consistent implementation of its "in China, for China" approach, he added.

"In doing so, we are committed to becoming an even more integral part of the Chinese local industry ecosystem," said Blume.