Volkswagen will invest €15bn in electric and autonomous vehicles (AVs) in China by 2022, according to a report by Euractiv.com. Herbert Diess, the German carmaker’s chief executive, claimed at a press conference in Beijing that the money would make mobility cleaner, safer and more intelligent to help improve people's lives.
The funding will come from both Volkswagen and joint venture partners.
Additionally, the company intends to develop battery-powered cars in at least six factories in the country.
Diess also confirmed an agreement with Anhui Jianghuai Automobile to launch a new car brand, SOL, which aims to provide an electric SUV with a 300km range capability on a single charge.
