A senior Volkswagen AG China executive said Saturday the company is planning to invest 15 billion euros ($16.26 billion) in China on electric mobility together with its three joint ventures by 2024.

Stefan Mecha, chief executive officer of the Volkswagen brand in China, reiterated the German automaker's commitment to quicken the pace of electrification in the world's largest auto market at China's EV 100 forum in Beijing.

Volkswagen plans to increase the number of charging posts in China for electric vehicles to 17,000 by 2025.

"The market is flush with new, highly competitive players but strong competition simply motivates us to constantly innovate and improve," Mecha said.

He added that despite softer short-term demand in China, the company is confident that there would be a recovery.

In February, Chinese electrified vehicle maker BYD outsold Volkswagen-branded cars to be the best-selling passenger car brand in China.

Mecha also urged China to extend a purchase tax exemption on new energy vehicles (NEVs), which include both pure electric and plug-in hybrid cars, beyond this year as part of the policy support for the sector.

In September, China extended the tax exemption on such vehicles by a year to the end of 2023.

(Source: Reuters with edits)