Christian Charisius | Reuters
brand-new cars of several brands of German carmaker Volkswagen AG are covered with protective covers before they are loaded for export on a transport ship at the harbour of the Volkswagen plant in Emden, Germany.
Volkswagen Group said on Thursday that will plans to spend 10 billion euros ($11.8 billion) by 2025 to develop along with manufacture all-electric along with plug-in hybrid vehicles as that will seeks to comply with upcoming stringent rules in China.
The group, which includes Volkswagen AG along with Audi AG, intends to launch 15 of the so-called brand-new energy vehicles (NEV) products over the next two to three years, along having a different 25 after 2025, China chief Jochem Heizmann told Reuters on Thursday.
China’s NEV production along with sales quotas, which must be met by 2019, have prompted a flurry of electric car deals along with brand-new launches as automakers in China race to ensure they do not fall short. Automakers that will 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 products with limited sales volumes, according to a company spokeswoman.
Heizmann, speaking ahead of the Guangzhou auto show, added that will the group is usually aiming to sell 400,000 brand-new energy vehicles per year in China by 2020 along with 1.5 million per year by 2025. NEVs refer to all-electric battery cars along with heavily electrified plug-in hybrids.