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Volkswagen to makes United States dollars 15 billion investment in China

Volkswagen to makes United States dollars 15 billion investment in China”

The Beijing Motor Show opened to the press Wednesday with global automakers showcasing state-of-the-art electric vehicles, as the Chinese government has pledged to promote the spread of eco-friendly cars in a bid to curb air pollution.

Peter Fleet, the president of Ford Motor's Asia and Pacific operations, said the company already planned to sell electric cars in China through a joint venture under an affordable local brand that would not carry its famous blue oval logo.

Foreign automobile manufacturers have welcomed the changes. But the overreaching principle is important.

The show comes as China's market hits a transition period - the explosive growth in auto sales seen over the last decade slowed last year and data from early this year point to a continued slump for many vehicle types. CEO of Volkswagen Group China, Jochem Heizmann, elaborated that he believes in a fair competition.

Chinese consumers are following their American peers toward sport-utility vehicles while policymakers in Beijing push an all-electric future.

But now that China is officially lifting the requirement for electric vehicles this year, Tesla is expected to soon announce plans for local production.

China is considering adding duties to US vehicle imports in retaliation to the United States' proposed tariffs on Chinese goods, though Chinese President Xi Jinping earlier this month pledged to lower import tariffs on products such as cars.

General Motors sold over four million cars here past year, more than in the United States.

But domestic firms are outselling foreign firms in the SUV segment. In addition, dozens of concept cars are also present at the Beijing Auto Show. The country is producing and exporting affordable vehicles to different countries.

Auto giant Volkswagen announced onr April 24 investments of 15 billion euros ($18 billion) in electric and autonomous vehicles in China by 2022, in a massive bet on the vital market.

German luxury auto maker Audi aims to double China production with local partner China FAW Group within five years, its chief executive said on Wednesday, as global auto makers look to localise in the world's largest vehicle market.



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