Volkswagen Group said on Thursday it plans to spend 10
billion Euros (11.8 billion dollars) 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 inaugurate 15 of the so-called new energy vehicles (NEV) models over
the next two to three year.
“The firms will inaugurate an additional 25 vehicles after
2025, China Chief Jochem Heizmann told Media on Thursday.
China’s NEV production and sales quotas, which must be met
by 2019, had prompted a flurry of electric car deals.
Also it has encouraged new inauguration as automakers in
China race to ensure they do not fall short. Automakers that do fall short will
be required to buy credits.
Volkswagen presently has around 10 NEVs already in China
market, although all are imported models with limited sales volumes, according
to a company spokeswoman.
Heizmann, speaking ahead of the Guangzhou auto show, added
that the group is aiming to sell 400,000 new energy vehicles per year in China
by 2020 and 1.5 million per year by 2025.
NEVs refer to all-electric battery cars and heavily
electrified plug-in hybrids.
Heizmann said some of those models will have between 400 and
600km driving range on a single full charge.
By comparison, Tesla’s (TSLA.O) model S has a range of 490km
and as much as 632km depending on battery capacity, according to the company.
The Volkswagen Group is also confident that its group
companies and their local China joint venture partners will be able to generate
enough NEV sales volume to account for NEV quotas by 2019, Heizmann said,
adding that there will be no need to buy credits.
“We need high volumes of new energy vehicles, we are working
on full speed on that.’’
Last week, General Motors Co’s China chief Matt Tsien told
reporters GM’s China joint ventures would be able to generate enough NEV sales
volume to account for NEV quotas by 2019.
There will be no need to buy credits.
Tsien said both GM (GM.N) and its China joint-venture
partners “are working to at least meet, if not exceed, those credit mandate
requirements.”
The Guangzhou auto show starts on Friday.
NAN
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