EconomyEditor's PickNewsVolkswagen, Chinese ventures to invest 15 billion euros in electric vehicles

2 years ago414 min
imageStock Markets52 minutes ago (Sep 28, 2020 04:20AM ET)

(C) Reuters. A logo of German carmaker Volkswagen is seen on a car parked on a street in Paris

BEIJING (Reuters) – Volkswagen AG (DE:VOWG_p) said on Monday it and three local joint ventures plan to invest around 15 billion euros ($17.44 billion) in electric mobility in China, the world’s biggest car market, between 2020 and 2024.

With the investment by Volkswagen and its three joint ventures with FAW Group [SASACJ.UL], SAIC Motor (SS:600104) and JAC (SS:600418), the German automaker will build 15 different battery electric or plug-in hybrid models in China by 2025.

The Wolfsburg-based auto maker will start making electric vehicles based on its MEB architecture at two Chinese factories from October. It will source EV batteries from CATL (SZ:300750), Guoxuan (SZ:002074) and A123.

Volkswagen, Chinese ventures to invest 15 billion euros in electric vehicles

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