VOLKSWAGEN PLUNKS IN $17.4B FOR ELECTRIC VEHICLES IN CHINA

Volkswagen AG 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, Reuters reported. 

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 electric vehicle (EV) batteries from CATL, Guoxuan and A123, Nikkei Asian Review also reported. 

Volkswagen has been trying to maintain its lead in China, which has vowed to increase the share of renewables in its energy mix and encourage buyers to veer away from gas-guzzling cars.

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