Volkswagen group will invest 15 billion euros in the production of electric vehicles
|German carmaker Volkswagen said today that it and three Chinese joint ventures with its participation plan to invest a total of about 15 billion euros in the production of electric vehicles in China. It is planned to allocate these funds in the period from 2020 to 2024. |
Volkswagen group and Chinese joint ventures with its participation will invest 15 billion euros in the production of electric vehicles
China is the largest automotive market in the world, so the decision to invest in the development of local production is quite understandable. Volkswagen's partners in the mentioned joint ventures are the Chinese companies FAW Group, SAIC Motor and JAC.
Investments, in particular, will be aimed at expanding the range of electric vehicles. By 2025, the German automaker intends to produce 15 models in China — both fully battery-powered and plug-in hybrid. Starting in October this year, Volkswagen will start producing electric vehicles based on its MEB architecture at two Chinese factories. The battery suppliers will be local companies CATL, Guoxuan and A123.
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