Volkswagen stoked the competitive fires today in the race to become the top auto brand in China by announcing plans to invest $2.7 billion to build two plants in the country.
The investment is in addition to the previously announced plans to plow about $27 billion into the country by 2018. VW last year nudged past archrival General Motors to become the largest automaker in China.
“China has become our largest and most important market,” said Prof. Dr. Martin Winterkorn, chairman of VW’s board of management. “To satisfy the demands of our customers in the country, we are engaging in a further substantial expansion of our capacities in China together with our Chinese partner FAW Volkswagen.” (more…)