acf domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/ecg/ecgassociationdev/wp-includes/functions.php on line 6121Reuters — 2024-04-11
Automotive Industry
Volkswagen announced on Thursday, 11 April 2024, plans to invest €2.5 bn ($2.68 bn) 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)