Volkswagen Group China, joint ventures plan to invest 15 billion euros in e-mobility

BERLIN -- Carmaker Volkswagen Group China announced on Monday that it is planning to invest a total of roughly 15 billion euros (about $17.5 billion) together with its joint ventures in e-mobility between 2020 and 2024.

According to a statement of Volkswagen Group China, the investment in China comes on top of 33 billion euros already announced by the Volkswagen Group for development in global e-mobility for the same period.

Pursuing a strategy of electrification and digitization, Volkswagen also planned to produce a total of 15 different new energy vehicle models locally by 2025, with 35 percent of the product portfolio in China made up of fully-electric models.

China has announced recently a climate target to achieve carbon neutrality by 2060, which is expected to accelerate the world's transition to green and low-carbon development.

"We very much appreciate this announcement, which is what we aim to achieve with our goTOzero strategy," noted Stephan Woellenstein, CEO of Volkswagen Group China, in the statement.

"Volkswagen is committed to being an active partner in the nation's drive towards electrification and carbon neutrality," Woellenstein added.

China aims to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060.