- Advertisement -
Home Business Volkswagen to invest 15 billion euros in China

Volkswagen to invest 15 billion euros in China

The German automotive group wants to expand into electrics in the world’s largest automotive market (China)

German auto giant Volkswagen on Monday announced an additional investment of 15 billion euros with its joint ventures by 2024 to expand into electrics in China, the world’s largest automotive market.

There are plans to produce locally 15 new fully electric vehicles by 2025, which will represent 35% of the product portfolio in the country, according to a statement.

The Wolfsburg group, of which China represents 40% of sales, will invest alongside its joint ventures SAIC, FAW-Volkswagen, and JAC Volkswagen, in which the German has already invested one billion euros in May to take the majority.

- Advertisement -

This investment is in addition to the 33 billion euros already committed by the German in the electric car in the world over the same period.

Production of future electric models will start in October at two new factories using modular platforms, capable of producing multiple models, with a combined capacity of up to 600,000 units per year.

Carbon neutrality in China

The announcement comes days after China, the world’s biggest polluter, ahead of the United States, through the voice of its President Xi Jinping, surprised by committing to carbon neutrality by 2060.

“Volkswagen is committed to being an active partner” towards this goal, VW China boss Stephan Wöllenstein said in the statement.

In May, VW invested 1.1 billion euros to acquire a stake in a local battery manufacturer, Gotion High-Tech.

China’s auto industry is showing signs of recovery lately after the collapse of individual car sales by nearly 80% in February when consumers were forced to stay at home and the economy nearly came to a halt to curb the epidemic linked to the new coronavirus.

Electric cars are one of the main attractions at the Beijing Motor Show which opened on Saturday, with China aiming to increase the share of electrics to 25% by 2025.

Stay Connected

16,985FansLike
2,458FollowersFollow
61,453SubscribersSubscribe

Latest news

Turkey threatened with “serious consequences” after test of Russian S-400 missile

The test of the Russian S-400 missile system carried out on October 16 by Ankara and confirmed this Friday by President Erdogan provoked a...
- Advertisement -

Amsterdam subway to extend to Schiphol Airport

Billion euros raised to stretch out the Amsterdam tram to Schiphol Airport Amsterdam magistrate Sharon Dijksma agreed on broadening the Noord-Zuid metro line to...

Jobs opportunities increasing despite unemployment rise

Jobs opportunities in the Netherlands are increasing despite the unemployment rise In the third quarter of the current year, the number of occupations in the...

€95 Fine for not wearing a face mask, new law likely from December

Individuals who won't wear a face mask in all indoor public spots will face a fine of €95 from December 1, sources have told...

Related News

New Year firecrackers fine will hit €100 and a criminal record

Individuals who set off firecrackers during the New Year celebrations will face a fine of €100, and that implies an automatic criminal record, justice...

Largest wetlands in the world ablaze

Wildfires are a known calamity and we all saw the Amazon fires this year, and how much loss they incurred. While the Amazon fires...

Gymnastic associations lifts ban on tutors accused of abusing young athletes

The gymnastic association's NGO chose to lift the ban on teachers Vincent Weavers and Nico Zipp, despite being sought in connection with the allegation,...

Amsterdam subway to extend to Schiphol Airport

Billion euros raised to stretch out the Amsterdam tram to Schiphol Airport Amsterdam magistrate Sharon Dijksma agreed on broadening the Noord-Zuid metro line to...

US elections: China compliments Biden after long silence

China has at last congratulated Joe Biden on his extended success in the US official elections, ending a chilly time of quietness. "We regard the...