Volkswagen has signed a cooperation agreement with SAIC Motor Corp. (600104.CN) to boost production, research and development of electric cars in China.
Over the next four years, Volkswagen plans to localize more than 15 different electric vehicle models in China, including plug-in hybrids and fully electric vehicles, Reuters cited the German automaker as saying Wednesday.
Research activities in the field of fuel cells and plug-in hybrid vehicles will also be stepped up.
It was also agreed that a new C-segment model of the Volkswagen brand will be produced at a joint venture plant from 2016.
The agreements form part of a 22 billion euro (US$25 billion) investment plan that Volkswagen and its joint ventures have mapped out for the period to 2019.
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