German car giant Audi investing billions of euros in China EV plant
Audi China’s President Jurgen Unser says German Chancellor’s visit sends a strong message and that China-Germany ties are mutually beneficial.
Dr. Unser was involved in setting up Audi plants in Foshan, Tianjin and Qingdao. Now he is working on building a pure electric vehicle plant in Changchun, which Audi is investing 2.6 billion euros and holds a majority share of 60 percent. Allowing foreign companies to hold majority stakes in joint ventures is in line with China’s high-standard opening up policy, which was highlighted at the just concluded 20th National Congress of the CPC.
Experts like CCG’s Andy Mok say in the EV sector, China and Germany can be strategic partners.
China is Audi’s biggest market with over 700 thousand vehicles sold in 2021, more than Audi’s total sales in Europe and triple the number sold in the U.S. The Four Rings’ Changchun Premium Platform Electric or PPE plant broke ground in June and will start production by the end of 2024. It’s designed to produce 150 thousand EVs a year and create 3,000 jobs.
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