Cars and Drivers
Volkswagen to Increase Production in China by 60%
Published:
Last Updated:
Volkswagen is already at the top of the auto sales food chain in China, tied most months with General Motors Co. (NYSE: GM). But despite a flattening in growth in Chinese car sales, as well as a threat the government will curtail car use because of inflation, Volkswagen says it will increase production in the People’s Republic. Volkswagen must also think its can increase or at least hold its market share as competition from other multinational manufacturers and local companies rises.
Volkswagen AG (VOW), Europe’s largest automaker, plans to increase production 60 percent by 2018 in China, where the German company’s earnings last year surged by almost half.
A new plant in China approved by the supervisory board will build as many as 300,000 vehicles yearly and will start operating in early 2016, Chief Executive Officer Martin Winterkorn said today. Capacity in China will rise to 4 million vehicles a year by 2018 from about 2.5 million currently.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
