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

Published 09/28/2020, 04:18 AM
Updated 09/28/2020, 04:20 AM
© Reuters. A logo of German carmaker Volkswagen is seen on a car parked on a street in Paris
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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.

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

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