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Volkswagen Group earmarking 10 billion euros to develop, build China electric cars

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Volkswagen Group earmarking 10 billion euros to develop, build China electric cars

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GUANGZHOU/BEIJING (Reuters) – Volkswagen Group plans to spend 10 billion euros (8.94 billion pounds) by 2025 to develop and manufacture so-called new-energy vehicles (NEVs), the group’s China chief Jochem Heizmann told Reuters on Thursday. China has set stringent production quotas for NEVs which automakers must meet by 2019, a move that is prompting a flurry of electric car deals and new launches of battery electric and plug-in hybrid models as automakers in China race to ensure they do not fall short. Volkswagen Group includes Volkswagen AG <VOWG_p.DE> and Audi AG <NSUG.DE>. Heizmann said Volkswagen Group is confident that its group companies and their local China joint venture partners are going to be able to generate enough NEV sales volume to account for NEV quotas by 2019 and will not need to buy credits. volkswage

(Reporting by Clare Jim and Norihiko Shirouzu; Editing by Edwina Gibbs)
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