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

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, 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 EV batteries from CATL, Guoxuan and A123.