VW Sticks to $24.2 Billion China Spending Plan Amid Cost Cuts
- Investments to be made together with joint venture partners
- VW targets Chinese production capacity of 5 million cars
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Volkswagen AG will shield its five-year, 22 billion-euro ($24.2 billion) expansion plan in China from cost cuts, underscoring the importance of its largest market to stem the fallout of the diesel-emissions manipulation scandal.
This year and next, VW is pushing to update about 70 percent of the vehicles it sells in China and introduce more than 30 models to the market. The company is aiming to boost its production capacity in China from last year’s 3 million cars to at least 5 million vehicles.