(MENAFN) The Chinese chief of Volkswagen Group Jochem Heizmann said the company is planning on spending 10b Euros within 7 years to establish new-energy vehicles (NEVs).
China has prepared a strict production allocation for which automakers must meet by 2019, a plan that is stimulating a flow of electric car deals and new launches of battery electric and plug-in hybrid models.
According to Heizmann, Volkswagen Group is convinced that its group companies and their local China joint venture partners will be capable of producing enough NEV sales volume to account for NEV quotas by 2019 and will not need to buy credits.
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