Reuters
Published Jul 06, 2014 01:11PM ET
VW receives Chinese approval for two more plants - sources
CHENGDU China (Reuters) - German carmaker Volkswagen has received approval from China's National Development and Reform Commission (NDRC) to add two more factories in the country, two people close to the matter said on Sunday.
The new plants are to be set up in the eastern Chinese cities of Tianjin and Qingdao, one of the people said on the sidelines of German Chancellor Angela Merkel's state visit to China.
VW also plans to expand production capacity at its plant in Chengdu in western China to 600,000 vehicles per year.
VW had no immediate comment on the matter.
VW has been investing in China as it battles rivals such as U.S.-based General Motors and domestic player SAIC Motor Corp in the world's largest auto market.
It has assembly plants among others in Changchun, in Chengdu under a venture with state-owned automotive enterprise FAW Group Corp, as well as in Shanghai, Yizheng, Nanjing and Urumqi with SAIC. It is due to open a plant in Hunan provincial capital of Changsha in 2015, which it will operate with SAIC.
Between 2014 and 2018, it plans to invest a total of 18.2 billion euros ($24.83 billion) in new plants and products together with its Chinese joint venture partners.
(Reporting by Andreas Rinke; Writing by Maria Sheahan; Editing by Louise Heavens)
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.