NewEnergyNews: VW Commits $11.8BIL EV Spend In China

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    Friday, November 17, 2017

    VW Commits $11.8BIL EV Spend In China

    Volkswagen Group earmarking $11.8 billion to develop, build China electric cars

    November 15, 2017 (Reuters)

    “…[The Volkswagen-Audi Group] plans to spend $11.8 billion by 2025 to develop and manufacture all-electric and plug-in hybrid vehicles and] comply with upcoming stringent rules in China…[The company] 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…China’s NEV production and sales quotas, which must be met by 2019, have prompted a flurry of electric car deals and new launches as automakers in China race to ensure they do not fall short. Automakers that do fall short will be required to buy credits. Volkswagen currently has around 10 NEVs already on the market in China, although all are imported models with limited sales volumes…[The company wants] to sell 400,000 new energy vehicles per year in China by 2020 and 1.5 million per year by 2025…[Some] will have a 400-600km driving range on a single full charge…” click here for more

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