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BEIJING: Volkswagen AG said on Monday (Sep 28) it and three local joint ventures plan to invest around €15 billion (US$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 , SAIC Motor and JAC , 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, Guoxuan and A123.
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