VW China, joint ventures to invest $17.5 billion in e-mobility

Volkswagen Group China intends to invest together with its joint ventures about $17.5 billion in e-mobility between 2020 and 2024.

The investment in China is on top of the $38.7 billion the Volkswagen Group earmarked for development in global e-mobility.

The company also plans to produce 15 different new energy vehicle models in China by 2025, with 35 percent of the product portfolio consisting of fully-electric models.

China is targetting to achieve carbon neutrality by 2060, which would accelerate the global transition to green and low-carbon development.

The country also aims to have CO2 emissions peak before 2030.

According to Stephan Woellenstein, CEO of Volkswagen Group China, his company is committed to being an active partner in China's efforts toward electrification and carbon neutrality.