Volkswagen and its Chinese partners will pour €15bn into electric vehicles in the country over the next four years as competition intensifies to sell low carbon cars in the world’s largest auto market.
The group on Monday said the investment, made with Chinese joint venture partners SAIC Motor, FAW Group and JAC Motors, will be used to design and manufacture 15 electrified models for the Beijing market by 2025.
The announcement comes on top of VW’s pledged €33bn for a global transition away from fuel-burning engines, as the Wolfsburg-based group manoeuvres to take on Tesla and become the world’s largest manufacturer of electric vehicles.
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