Volkswagen, Chinese ventures to invest €15 bn in electric vehicles

FILE PHOTO: A logo of German carmaker Volkswagen is seen on a car parked on a street in Paris, France, July 9, 2020. REUTERS/Christian Hartmann

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Volkswagen AG VOWG_p.DE said on Monday it and three local joint ventures plan to invest around €15 billion ($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 600104.SS and JAC 600418.SS, 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 300750.SZ, Guoxuan 002074.SZ and A123.

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