Volkswagen will invest €10bn ($11.8bn) to develop new energy vehicles within China by 2025, its China head announced Thursday.
The European carmaker will launch 40 locally-produced vehicles in China, Jochem Heizmann told reporters at the Guangzhou Auto Show. Production of electric vehicles will begin during the first half of next year with Volkswagen’s new joint venture partner, Anhui Jianghuai Automobile Group (JAC Motors).
The move comes as China moves to require automakers to reach a certain production quota of electric vehicles next year in order to operate in the country. A delayed carbon trading scheme would also require car manufacturers to buy and sell carbon credits tied to the production of electric vehicles.
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