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VW to invest $4.4b in nation next year

China Daily | Updated: 2019-11-27 17:14
A visitor examines Volkswagen's electric concept car ID Buggy on Thursday in Guangzhou, Guangdong province. [Photo by Li Fusheng/China Daily]

Volkswagen Group China and its partners plan to invest more than 4 billion euros ($4.4 billion) in China in 2020, with 40 percent of the investment in the electric vehicle field, including manufacturing, infrastructure construction and R&D, the company said. In the next few years, the automaker is expected to invest more in electric vehicles than petrol vehicles. It aims to deliver 30 types of new energy vehicles in the Chinese market before 2025, with a sales target of 1.5 million vehicles. Stephan Wollenstein, CEO of Volkswagen Group China, said China's success in electric mobility would be the core driving force to realize automakers' sustainable development goals.

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