Volkswagen Group plans to spend 10 billion euros ($11.8 billion) by 2025 to develop and manufacture new-energy vehicles (NEVs), Jochem Heizmann, the group's China chief, told Reuters on Thursday.
China has set stringent production quotas for NEVs that automakers must meet by 2019, a move that is prompting electric car deals.
Heizmann said Volkswagen Group is confident that its group companies and their local China joint venture partners will be able to generate enough NEV sales to account for quotas by 2019 and will not need to buy credits.
