Volkswagen, Chinese ventures to invest 15 billion euros in electric vehicles
Reuters
Published Sep 28, 2020 04:19
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.
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Written By: Reuters
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