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.

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