Sunday, December 09, 2001
Volkswagen to invest $2.2b in China
SHANGHAI
GERMAN auto giant Volkswagen will pour about 2.5 billion euros ($2.2 billion) into China in the coming years, nearly doubling its investment in the country, according to senior executives.
"Our investments in China in the next years will reach 2.5 billion euros," said Wolfgang Glaeser, Volkswagen's executive director of Asia Pacific sales and marketing. He did not give a specific timeframe.
Glaeser said the money would be used for developing new products, production facilities and expanding sales networks for Volkswagen's existing China plants.
Part of the new investment has already been used to develop the Bora and Polo passenger cars for the China market, Michael Wilkes, senior manager of marketing and public relations at Volkswagen China told Reuters.
The new funds will nearly double Volkswagen's investment in China so far of about DM3 billion ($1.4 billion), Wilkes said.
The mid-sized Bora car, made by Volkswagen's venture with China's First Automotive Works, will hit China markets this weekend. The Polo hatchback will be launched in April by Volkswagen's venture with Shanghai Automotive Industrial. ( REUTERS )
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