Automotive giant Volkswagen is preparing to invest 15 billion euros in electric vehicle production in China.

German automaker Volkswagen announced that it will invest 15 billion euros in electric vehicle production through joint ventures in China.

Statement by Volkswagen Group China. It stated that the joint ventures of the German company SAIC VOLKSWAGEN, FAW-Volkswagen and JAC Volkswagen will invest 15 billion euros in e-mobility in 2020-2024.

In the statement, 15 different electric models of Volkswagen will be produce in China by 2025.

It noted that 35 percent of the company’s product portfolio will consist of electric models.

It stated that the production of electric vehicles will begin next month.

The Chinese government has already invested heavily in charging infrastructure for electric vehicles. It reported that Volkswagen continues to develop partnerships in battery technology and charging infrastructure in China.