VW Earmarks $11.8 Billion To Develop, Build Electric Cars For China
Volkswagen Group plans to spend 10 billion euros ($11.8 billion) 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.
Also Read: China Studying When To Ban Sales Of Traditional Fuel Cars
Volkswagen Group includes Volkswagen AG and Audi AG.
Also Read: China Sets New Deadline For Automakers To Meet Green-Car Sales Targets
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.
(Reporting by Hong Kong and Beijing newsrooms; Editing by Edwina Gibbs)
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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