VW to invest 149 billion yuan in Chinese plants, products
Volkswagen AG says it plans to spend 18.2 billion euros (149 billion yuan) on new assembly plants and models in China from 2014 to 2018, part of the German automaker's plan to become the world's largest carmaker.
The Chinese investment would be in addition to the 84 billion euros that Volkswagen plans to spend globally during that period.
In March, the German automaker said it planned to increase production in China 60 percent by 2018. This year, Volkswagen's two Chinese joint ventures expect to sell 3 million vehicles in China.
The company already is starting to bring some new assembly plants online. In September, VW opened its Foshan assembly plant in the southern Chinese province of Guangdong -- a facility that will produce up to 300,000 units annually.
And in October, the company opened a plant in the southeast city of Ningbo that will also produce up to 300,000 vehicles a year.
As production expands, VW is expanding its model lineup, too. In April, VW announced plans to expand its lineup of cars, SUVs, vans and heavy trucks to 90 models by 2015, up from 70 models now.
Volkswagen has joint ventures in China with China FAW Group and Shanghai Automotive Industry Corp.
In March, the German automaker said it planned to increase production in China 60 percent by 2018. This year, Volkswagen's two Chinese joint ventures expect to sell 3 million vehicles in China.
The company already is starting to bring some new assembly plants online. In September, VW opened its Foshan assembly plant in the southern Chinese province of Guangdong -- a facility that will produce up to 300,000 units annually.
And in October, the company opened a plant in the southeast city of Ningbo that will also produce up to 300,000 vehicles a year.
As production expands, VW is expanding its model lineup, too. In April, VW announced plans to expand its lineup of cars, SUVs, vans and heavy trucks to 90 models by 2015, up from 70 models now.
Volkswagen has joint ventures in China with China FAW Group and Shanghai Automotive Industry Corp.
