Volkswagen and three Chinese ventures to invest €15 billion in electric cars
VW to build 15 battery electric or plug-in hybrid models in the country by 2025
According to Reuters news from Beijing is that Volkswagen Group announced on September 28 that it, and three local joint ventures, plan to invest around €15 billion (£13.7 billion/US $17.44 billion) in electric mobility in China between 2020 and 2024. China is the world's largest car market and is important for Volkswagen accounting for around 40 percent their sales.
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 German car manufacturer will start making electric cars and vehicles based on their MEB architecture at two Chinese factories from October. MEB is Volkswagen’s modular car platform that they use across their electric cars. They will source electric car and vehicle batteries from CATL, Guoxuan and A123.