Mubasher: Volkswagen Group on Thursday announced its plans to spend Euro 10 billion ($11.8 billion) to develop and manufacture all-electric and plug-in hybrid vehicles in China by 2025.
“The group, which includes Volkswagen AG (VOWG_p.DE) and Audi AG (NSUG.DE), intends to launch 15 of the so-called new energy vehicles (NEV) models over the next two to three years, and an additional 25 after 2025,” Reuters reported, citing the firm’s chief in China ,Jochem Heizmann as saying.
Volkswagen currently owns about 10 NEVs in China.
“The group is aiming to sell 400,000 new energy vehicles per year in China by 2020 and 1.5 million per year by 2025. NEVs refer to all-electric battery cars and heavily electrified plug-in hybrids,” Heizmann added.
Heizmann stated that some of vehicles’ models will have a 400 and 600 kilo metres driving range on a single full charge.
