VW, China's joint ventures invest €15B to make EV

Monday, 28. September 2020 10:37

German car manufacturer Volkswagen AG announced on Monday that it is investing approximately €15 billion ($17.44 billion) in electric vehicles in China together with three Chinese joint ventures.

FAW Group, a Chinese state-owned automotive manufacturing company, SAIC Motor, automotive design and manufacturing company and commercial vehicle manufacturer JAC made a deal to invest between 2020 and 2024 for Volkswagen to construct 15 different battery-electric or plug-in hybrid models in China.

The German automaker said it will source EV batteries from Chinese battery manufacturer Contemporary Amperex Technology Co (CATL), tech giant Guoxuan and developer and manufacturer of lithium iron phosphate batteries A123.

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Breaking the News / TF