Volkswagen To Invest $2.68 Bln To Hefei Production Units In China

(RTTNews) - Automaker Volkswagen AG (VWAGY.PK), Thursday announced its plan to invest 2.5 billion euros, equivalent to $2.68 billion, to enhance production and innovation in China's Hefei city, located in Anhui Province.

With this investment, the company aims to bolster its presence in the region as well as to boost the EV output by commencing production of two brand models with the help of Chinese partner XPeng Inc. (XPEV) in 2026.

Ralf Brandstaetter, Volkswagen Group's management board member for China, emphasized that advancements in Hefei region would accelerate the deployment of technologies by 30 percent.

Currently, Volkswagen's stock is trading at $15.63, down 0.53 percent on the Other OTC.