Volkswagen has said it is to increase its investment in China by EUR1.6bn (US$2.1bn) with two new plants and other projects, as the company expands its business in the world’s largest auto market.
Chief Executive Martin Winterkorn said: “Growth in China has exceeded all expectations.”
Go deeper with GlobalData
The investment is in addition to the EUR4.4bn the carmaker committed last year to expand capacity and develop new products in China by 2012.
Winfried Vahland, head of VW’s Chinese operations, said the company will introduce new models and the latest technologies to China with the long term aim of achieving annual sales of 2m units in the country.
In the first quarter of this year VW delivered 457,259 vehicles in China and Hong Kong, up 60.9% year on year and accounting for 26% of the company’s global sales of 1.73m.
VW sales in China rose 36.7% last year to 1.4m.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
