Volkswagen, Chinese ventures to invest 15 billion euros in electric vehicles

BEIJING (Reuters) – 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.

With the investment by Volkswagen and its three joint ventures with FAW Group [SASACJ.UL], SAIC Motor <600104.SS> and JAC <600418.SS>, 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 <300750.SZ>, Guoxuan <002074.SZ> and A123.

(Reporting by Yilei Sun and Brenda Goh; Editing by Kirsten Donovan)