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Volkswagen Announces Two New Assembly Plants in China
Volkswagen AG plans to spend $2.7 billion to erect car plants in Qingdao and Tianjin, China.
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Volkswagen AG plans to spend $2.7 billion to erect car plants in Qingdao and Tianjin, China.
Both facilities will be operated by VW's venture with FAW Group Corp. The companies have offered no details about plant capacities, which models the factories will make or when they will open.
VW expects to invest $18.2 billion in China, its largest market, through 2018. The company's partnerships with FAW and Shanghai Automotive Industry Corp. currently operate 11 assembly plants in Changchun, Foshan, Nanjing, Ningbo, Shanghai, Urumqi and Yizheng. VW and FAW expect to open a 12th factory next year in Changsha.
VW, which currently assembles 25 Audi, Skoda and VW brand models in China, produced more than 3.1 million vehicles there in 2013.
The group sold 1.51 million vehicles in China in January-May, up 18% from the same period in 2013. The company targets 10% growth for the full year, which would push its volume to more than 3.5 million units.
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