VOW3 Volkswagen AG

   By Pietro Lombardi 
 

Volkswagen AG's China division and its local joint ventures plan to invest roughly 15 billion euros ($17.45 billion) in the country for e-mobility.

The German car maker said Monday that the investments will take place through 2024 and come on top of the EUR33 billion it will invest globally in the same period for e-mobility.

The company wants to locally produce 15 models of various of its brands by 2025, when it targets 35% of its portfolio of products in the country to be made of fully-electric models.

The joint ventures taking part in the planned investments are SAIC Volkswagen, FAW-Volkswagen and JAC Volkswagen.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

(END) Dow Jones Newswires

September 28, 2020 05:01 ET (09:01 GMT)

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