Volkswagen, shortened to VW, is a German automaker founded in 1937 by the German Labour Front, known for the iconic Beetle and headquartered in Wolfsburg. It is the flagship brand of the Volkswagen Group, the largest automaker by worldwide sales in 2016 and 2017.
Volkswagen AG said on Monday that the company and three local joint ventures plan to invest around 15 billion euros ($17.44 billion) in electric mobility in China, the world’s biggest car market, between 2020 and 2024.
With the investment by Volkswagen and its three joint ventures with FAW Group [SASACJ.UL], SAIC Motor 600104.SS and JAC 600418.SS, the German automaker will build 15 different battery electric or plug-in hybrid models in China by 2025. SAIC motor ranks 52nd among fortune global 500.
SAIC sells vehicles under a variety of brands. Brand names that are exclusive to SAIC include Maxus, MG, Roewe, and Yuejin. Products produced by SAIC joint venture companies are sold under marques including Baojun, Buick, Chevrolet, Iveco, Škoda, Volkswagen, and Wuling.
The Wolfsburg-based auto maker will start making electric vehicles based on its MEB architecture at two Chinese factories from October this year. It will source EV batteries from CATL 300750.SZ, Guoxuan 002074.SZ and A123.
