Volkswagen sticks to original China investment plan
Volkswagen AG, the world's third-largest automaker, will stick to its original investment plan in China, said Dr Winfried Vahland, CEO of Volkswagen China, the Shanghai Securities News reported today.
The company last year said it would invest a total of EUR 2.4 billion in China from 2008 to 2010. According to Vahland, Volkswagen will not change the massive investment plan, and it will spend the money mainly on the R&D of new technology and products.
Volkswagen earlier said its vehicle sales in Greater China areas, including mainland China, Hong Kong and Macau, rose 12.5% to 1.02 million units in 2008, and the growth rate represents a drop of 28% from that of the previous year.
Since its entrance into China in 1984, Volkswagen has set up two JVs with its Chinese partners, Shanghai Volkswagen Auto Co (SVW) and FAW-Volkswagen Automotive Co Ltd (FAW-VW).
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