Volkswagen to invest $2.7 billion in Chinese production site

Reuters04-11

BERLIN, April 11 (Reuters) - Volkswagen announced on Thursday plans to invest 2.5 billion euros ($2.68 billion) in China to expand its production and innovation hub in the city of Hefei in Anhui Province.

Preparations are also being made for the production of the two Volkswagen brand models being developed together with Chinese partner XPENG to begin in 2026, it said.

Ralf Brandstaetter, Volkswagen Group's management board member for China, said the Hefei site would help bring technologies to market around 30% faster as the carmaker boosts electric vehicle production there.

Volkswagen ceded its title of best-selling car brand in China to local EV manufacturer BYD in late 2022 and has announced a series of new models to electrify its portfolio in China as it battles to regain ground.

($1 = 0.9320 euros)

(Writing by Rachel More, Editing by Victoria Waldersee, Editing by Madeline Chambers)

((rachel.more@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2426532602?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-04-11 19:32","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2426532602","market":"sh","top_or_hot":-1,"title":"Volkswagen to invest $2.7 billion in Chinese production site","media":"Reuters","content":"<html><body><p>BERLIN, April 11 (Reuters) - Volkswagen announced on Thursday plans to invest 2.5 billion euros ($2.68 billion) in China to expand its production and innovation hub in the city of Hefei in Anhui Province.</p><p>   Preparations are also being made for the production of the two Volkswagen brand models being developed together with Chinese partner XPENG    to begin in 2026, it said.</p><p>   Ralf Brandstaetter, Volkswagen Group's management board member for China, said the Hefei site would help bring technologies to market around 30% faster as the carmaker boosts electric vehicle production there.</p><p>   Volkswagen ceded its title of best-selling car brand in China to local EV manufacturer BYD    in late 2022 and has announced a series of new models to electrify its portfolio in China as it battles to regain ground.</p><p>    ($1 = 0.9320 euros)</p><p> (Writing by Rachel More, Editing by <a href=\"https://laohu8.com/S/VCCTF\">Victoria</a> Waldersee, Editing by Madeline Chambers)</p><p>((rachel.more@thomsonreuters.com;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Volkswagen to invest $2.7 billion in Chinese production site</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVolkswagen to invest $2.7 billion in Chinese production site\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-11 19:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BERLIN, April 11 (Reuters) - Volkswagen announced on Thursday plans to invest 2.5 billion euros ($2.68 billion) in China to expand its production and innovation hub in the city of Hefei in Anhui ...</p>\n\n<a href=\"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1580142542.USD","symbol_name":"Blackrock Systematic China A-Share Opportunities A2 USD","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2426532602","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2426532602","pubTimestamp":1712835179,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"BERLIN, April 11  - Volkswagen announced on Thursday plans to invest 2.5 billion euros  in China to expand its production and innovation hub in the city of Hefei in Anhui Province.   Preparations are also being made for the production of the two Volkswagen brand models being developed together with Chinese partner XPENG    to begin in 2026, it said.   Ralf Brandstaetter, Volkswagen Group's management board member for China, said the Hefei site would help bring technologies to market around 30% faster as the carmaker boosts electric vehicle production there.   Volkswagen ceded its title of best-selling car brand in China to local EV manufacturer BYD    in late 2022 and has announced a series of new models to electrify its portfolio in China as it battles to regain ground.     ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","BK0264":"汽车制造","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","BK0014":"新能源汽车","BK1119":"汽车制造商","BK0070":"员工持股","BK0188":"融资融券","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","BK1587":"次新股","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","BK1610":"ETF&股票定投概念","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","BK0183":"MSCI概念","BK0169":"共享汽车","BK0196":"行业龙头","BK0155":"锂电池","BK1575":"同股不同权","002594":"比亚迪","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","BK0072":"苹果","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","09868":"小鹏汽车-W","BK1539":"汽车股","BK1588":"回港中概股"},"translate_title":"大众汽车将投资27亿美元在中国生产基地","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09868":0.9,"002594":0.9,"EVS.SI":0.6},"content_text":"BERLIN, April 11 (Reuters) - Volkswagen announced on Thursday plans to invest 2.5 billion euros ($2.68 billion) in China to expand its production and innovation hub in the city of Hefei in Anhui Province.   Preparations are also being made for the production of the two Volkswagen brand models being developed together with Chinese partner XPENG    to begin in 2026, it said.   Ralf Brandstaetter, Volkswagen Group's management board member for China, said the Hefei site would help bring technologies to market around 30% faster as the carmaker boosts electric vehicle production there.   Volkswagen ceded its title of best-selling car brand in China to local EV manufacturer BYD    in late 2022 and has announced a series of new models to electrify its portfolio in China as it battles to regain ground.    ($1 = 0.9320 euros) (Writing by Rachel More, Editing by Victoria Waldersee, Editing by Madeline Chambers)((rachel.more@thomsonreuters.com;))","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426532602"}