Volkswagen said on Monday it and three local joint ventures planned to invest around EUR15bn ($17.44bn) in electric mobility in China, the world’s biggest car market, between 2020 and 2024.

With the investment by Volkswagen and its three joint ventures with FAW Group, SAIC Motor and JAC, the German automaker would build 15 different battery electric or plug in hybrid models in China by 2025, Reuters reported.

The automaker would start making electric vehicles based on its MEB architecture at two Chinese factories from October. It would source EV batteries from CATL, Guoxuan and A123.

VW said recently it planned to have “at least 17 different SUV models” on sale in China by the end of 2022, as the company looked to increase its exposure to one of the Chinese vehicle market’s fastest growing segments.

VW Group China CEO, Stephan Woellenstein, told local reporters the company currently had 10 VW brand SUV models on sale in China, up from three in 2018. He confirmed a further three petrol models and four pure electric models were scheduled for launch in the next two years.

2020 Beijing motor show – the world premieres