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

In this news, we discuss the Volkswagen, Chinese ventures to invest 15 billion euros in electric vehicles.

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

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

The Wolfsburg-based automaker will start manufacturing electric vehicles based on its MEB architecture at two Chinese factories from October. He will obtain EV batteries from CATL 300750.SZ, Guoxuan 002074.SZ and A123.

Reporting by Yilei Sun and Brenda Goh; Editing by Kirsten Donovan

Original © Thomson Reuters Corporation

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