Plans have been put in place by German manufacturer Volkswagen to invest £14bn into the Chinese electric vehicle market.
The move will see the firm using its three Chinese joint ventures to increase manufacturing and infrastructure between now and 2024 following China’s plans to accelerate its number of low emission vehicles to 25% by 2025.
The news means that China now stands at around 40% of VW’s sales with fifteen models across the group’s brands – which include Porsche and Audi – produced locally in China by 2025 of which 35% will be electric models.
Production will begin at two dedicated facilities next month with a battery platform forming the basis for a range of vehicles. Chinese supplier CATL will provide batteries for vehicles that are being manufactured into the local market.