© Reuters. A logo of the German automaker Volkswagen can be seen on a car parked on a street in Paris
BEIJING (Reuters) – Volkswagen AG (DE 🙂 announced on Monday that three local joint ventures plan to invest around 15 billion euros in electric mobility in China, the world's largest car market, between 2020 and 2024.
With the investment by Volkswagen and its three joint ventures with the FAW Group (SASACJ.UL), SAIC Motor (SS 🙂 and JAC (SS :), the German automaker will build 15 different battery-electric or plug-in hybrid models in China in 2025.
The Wolfsburg-based car manufacturer will be producing electric vehicles based on its MEB architecture in two Chinese plants from October. EV batteries are purchased from CATL (SZ :), Guoxuan (SZ 🙂 and A123.
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