Volkswagen, partners to invest 15b euros in developing electric vehicles

CHANGCHUN - Volkswagen Group China and its joint-venture partners will invest 15 billion euros (about $18.3 billion) in developing new energy vehicles and automated driving by 2020.

The company said Tuesday that it plans to roll out 15 new car models in China by 2020, and launch 40 new energy vehicle models for the Chinese market by the end of 2025.

"As the world's biggest automotive market, China plays a prominent role across all Group brands. The strong bond with our joint ventures and business partners will remain," said Herbert Diess, the new chief executive officer (CEO) of Volkswagen.

"We are accelerating to make mobility cleaner, safer and more intelligent to really improve people's lives. We will be starting local production of battery-electric cars in at least six factories by 2021 in China," he said.

Meanwhile, Volkswagen and Chinese automaker Anhui Jianghuai Automobile Group Corp., Ltd. (JAC Motors) jointly released their first electric SUV, the SOL E20X, Tuesday, which will enter the market in the third quarter.

Data showed that the company, along with two joint ventures -- SAIC Volkswagen and FAW-Volkswagen -- delivered 1.01 million automobiles to the Chinese mainland and Hong Kong in the first three months, up 13.4 percent year on year.