Volkswagen To Invest $2.7 Billion In China, Add EV Models [Forbes]
PORSCHE AUTOMBL UNSP/ADR (POAHY)
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Source: Forbes
Volkswagen said on Thursday it plans to invest $2.7 billion, or 2.5 billion euros, to boost sales in China, the world's largest auto market, and improve the German automaker's ability to respond faster to a swirl of local competition. Volkswagen, whose brands also include Audi, Porsche, ŠKODA, Bentley and Lamborghini, will expand a production and innovation hub in the eastern Chinese city of Hefei with a focus on electric vehicles that are among the country's top sellers. “Our new production and development hub in Hefei will bring technologies to market around 30% faster in the future,” said Ralf Brandstätter, a member of Volkswagen's board of management for China. “This additional investment in the site underlines our ambition to quickly expand our local innovative strength.” By 2030, more than 30 all-electric models of Volkswagen brands will be available in China, the company said. It didn't provide a time frame for the new investments. The announcement came days ahead of an
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