Europe’s largest carmaker, Volkswagen (VLKAY.OTCMKTS), announced Tuesday it they will launch over 20 models of battery-driven cars in China by the end of 2018, Reuters reported. China has set a target of putting five million green vehicles on the road by 2020, inspiring foreign companies to compete for market share. Jochem Heizmann, head of Volkswagen Group China, aims to have “some hundred thousand” pure electric and plug-in hybrid vehicles in China by then. Beijing is subsidizing purchases of low-emission vehicles and has published rules requiring carmakers to meet fuel consumption targets. Volkswagen is launching a pure-electric car this year, with two hybrid models planned for next year.
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