Volkswagen to invest 1.1 billion dollars in building new center in China
Volkswagen will invest around 1 billion euros ($1.1 billion) to establish a new development, innovation and procurement center in China, the Volkswagen Group announced on Tuesday at the ongoing Auto Shanghai 2023, China Daily reports.
Volkswagen to invest 1.1 billion dollars in building new center in China
New Age – New Road

Volkswagen to invest 1.1 billion dollars in building new center in China

Photo: AFP/Hector Retamal
Eurasia 19/04/2023 15:32

Volkswagen will invest around 1 billion euros ($1.1 billion) to establish a new development, innovation and procurement center in China, the Volkswagen Group announced on Tuesday at the ongoing Auto Shanghai 2023, China Daily reports.

The new center, with the project name 100%TechCo, will be set up in Hefei, capital of East China's Anhui province, the article adds. It will combine vehicles and components research and development (R&D) teams with purchasing, leverage synergies in the development process and integrate state-of-the-art local technologies into product development at an early stage, the company said.

According to China Daily, the center is expected to be launched in early 2024 and will comprise more than 2,000 employees from procurement and R&D. It is expected to gradually shorten the development time of new products and technologies by around 30 percent.

Photo: AFP/Hector Retamal

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