Published: Sat, November 18, 2017
Global News | By Stacy Ballard

Volkswagen China invests $12 bn in e-cars

Volkswagen China invests $12 bn in e-cars

The German manufacturer joins Ford Motor in boosting investments in electric vehicle development in China as the country will require most auto makers to obtain a new-energy vehicle score linked to the production of various types of zero-and low-emission vehicles.

The investment will be made by Volkswagen Group China and its joint venture partners in the industrialization of e-mobility between now and 2025.

Jochem Heizmann, Chief of Volkswagen group in China told Reuters that it plans to launch 15 of the new energy vehicle (NEV) models in next two or three years.

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Volkswagen Brand's existing model offering is completely bring renewed and expanded. The European automaker's venture with Anhui Jianghuai Automobile Group will start production of electric vehicles in the first half of next year, while sales will start in the second half.

"We are reinventing the auto", Chief Executive Officer Matthias Müller said in a statement, adding that the bulk of the 2018-2022 spending spree would go into developing all-electric and hybrid vehicles.

In September, China unveiled a comprehensive set of emission rules and delayed a credit-score programme tied to the production of electric cars, giving manufacturers more time to prepare for the phasing out of fossil-fuel powered vehicles.

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"Together with our long-term joint venture partners, SAIC VOLKSWAGEN and FAW-Volkswagen, and our new cooperations, we are transforming the future of mobility and, in regard to the needs and demands of our customers, we will deliver".

And, under the new policy, automakers must have a new energy vehicle score of at least 10% from 2019, which will rise eventually to 12% in 2020, Business Day reported.

Heizmann stated that the company intends to sell 400,000 NEVs every year in China by 2020 and 1.5 million every year by 2025.

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But the emissions fraud plus new Chinese quotas for electric cars have prompted a strategic shift to zero-emission and self-driving technology with VW now pledging to offer an electric version of each of its 300 group models by 2030. Some of these models possess an ability to go up to 400-600 kilometers in a single charge.

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