Volkswagen AG and its Chinese joint venture partner SAIC Motor plan to invest 4.13 billion yuan to revamp their car plants in Shanghai to make new Audi sedans, according to a government document seen by Reuters.
SAIC Volkswagen, the joint venture of Wolfsburg-based automaker and China's biggest automaker, currently only sells cars under the Volkswagen and Skoda marques. Audi is Volkswagen's luxury car unit.With the revamp at its Shanghai plants, the JV is aiming for an annual manufacturing capacity of 60,000 Audi A7L sedans and 60,000 new Volkswagen sport-utility vehicles. The total capacity at the plants will remain unchanged.
SAIC Chairman Chen Hong has previously said the JV plans to roll out the first Audi product in early 2022. Audi China said its project with SAIC was proceeding according to plan, without giving any more details. SAIC did not immediately reply to a request for comment.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Keppel desalination plant in Marina East begins commercial operationsSINGAPORE’S fourth desalination plant, the Keppel Marina East Desalination Plant (KMEDP), started commercial operations on June 29. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Volkswagen to replace head of software division: HandelsblattVolkswagen is replacing its head of software development, newspaper Handelsblatt reported on Sunday, as the German carmaker wrestles with the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China vows 'zero tolerance' towards illegal market behaviourSHANGHAI: China will show 'zero tolerance' towards securities and accounting fraud and will step up a crackdown on major capital-markets crimes, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China launches campaign to clean up websites that target minorsSHANGHAI: China's internet watchdog said it was kicking off a two-month campaign to clean up websites aimed at users under the age of 18, saying ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China's state chip fund to cut stakes in two more tech companiesSHANGHAI: China's largest state-backed semiconductor fund plans to reduce its holdings in two listed technology companies, a decision that comes ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
International students denied US entry under new visa rules: Court documentsWASHINGTON: International students have already been denied entry to the United States under new Trump administration rules that bar them from the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »