Volkswagen to Ramp Up Investments for EVs in China
November 21 2019 - 9:38AM
Dow Jones News
By Max Bernhard
Volkswagen AG (VOW.XE) said Thursday that it plans to ramp up
spending on electric vehicles at its Chinese business.
Volkswagen Group China said it, together with partners, plans to
invest more than 4 billion euros ($4.42 billion) next year, with
about 40% of the sum going toward electric mobility. In 2020, two
of its Chinese factories purely designed for all-electric cars will
take up production, it added.
"I am looking forward to 2020, when our local e-car production
will significantly increase in scale," Stephan Woellenstein, CEO of
Volkswagen Group China, said.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
November 21, 2019 09:23 ET (14:23 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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