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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.
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(END) Dow Jones Newswires
November 21, 2019 09:23 ET (14:23 GMT)
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