Big plans: Heizmann says Volkswagen is aiming to sell 400,000 new energy vehicles per year in China by 2020 and 1.5 million per year by 2025. — Reuters
BEIJING: Volkswagen Group said it plans to spend 10bil pounds (US$11.8bil) by 2025 to develop and manufacture all-electric and plug-in hybrid vehicles as it seeks to comply with upcoming stringent rules in China.
The group, which includes Volkswagen AG and Audi AG, 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 chief Jochem Heizmann told Reuters yesterday.
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