Vw to build its seventh factory in China

Article by Christian A., on April 19, 2012

Two Volkswagen officials said that on April 23, the company will sign an agreement to construct another plant in China on the scheduled visit of Chinese Premier Wen Jiabao's visit to Germany. VW, which currently operates six car and parts plants, is working to expand in the biggest auto market in the world. The officials said that a declaration of intent will be signed by VW CEO Martin Winterkorn with Jiabao on a new plant when the Chinese premier and German Chancellor Angela Merkel go to VW's headquarters in Wolfsburg, Germany on April 23. Building this new plant will require an investment of less than 300 million euros ($394 million). In addition, it will be based in China's western province of Xinjiang with a capacity of about 50,000 vehicles each year. An official said that a second contract will be signed by Winterkorn and Jiabao to extend VW's joint venture with FAW Automotive Co. by 25 years. Last year, VW (the first overseas carmaker to arrive in China about 30 years ago) said that it means to spend 14 billion euros on new plants and products in China via its joint ventures. VW has yet to comment on this issue.

If you liked the article, share on:

Pin It

Comments

Recommended

On July 11, Audi is set to reveal its flagship luxury sedan, the all new A8. And at this moment, none of us are sure how this model will look....
by - March 29, 2017
The recent Porsche 911 is definitely considered one of the most elite sports car to grace the roads worldwide. The task of producing its successor is challenging enough for the...
by - March 29, 2017
British startup Zenos, which entered bankruptcy administration earlier this year is now back in business. The Norfolk-based sports car manufacturer was bought by a consortium of investors headed by AC...
by - March 29, 2017
It’s quite safe to say that this generation marks the rise of the electric cars. For the past few years, automakers have been very busy trying to find the perfect...
by - March 28, 2017
Want to go for a sportier look, but don’t have enough cash to burn? Good news for future Ford Edge buyers, as the 2018 model year will have an optional...
by - March 28, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries