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Volkswagen to invest more into China's car market

 

Volkswagen is preparing to drive deeper into the largest car market in the world. The German auto giant has plans to build two new plants in China and invest about 2.7 billion US dollars along with its Chinese partner, FAW Group Corp.

Tianjin has long auto making history. More than 250,000 people in this northern Chinese city are involved in car and auto parts production.

The city provides a glimpse of the Chinese car industry¡¯s development and could be the site of its future expansion.

In July, an agreement was signed between the company and Chinese auto manufacturer FAW to establish two new factories in China. It was witnessed by both Chinese Premier Li Keqiang and German Chancellor Angela Merkel.

Tianjin and Qingdao, a city in eastern China, are believed to be the likely homes of the new car plants.

From January to May of this year, VW reported an 18 percent rise in car sales to 1.5 million. It says that, with its Chinese partners, it hopes to increase annual production capacity in China to more than four million vehicles.

It was not clear what the cost of the new factories would be, when they would start production, or how the investment would be divided. But Volkswagen said in a statement that the factory sites were selected due to their "high qualification levels and the infrastructure available.¡±

Automobile industry has been at the forefront of Sino-German cooperation. In China¡¯s fast-growing car market, Volkswagen has held the dominant position. Together with its Chinese joint venture partners, the company is spending big and will invest more on future growth, creating highly qualified jobs and meeting demands of Chinese customers.

 

 

 
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