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Volkswagen to ramp up Chinese electric car production
Volkswagen is ramping up production of electric cars to around 1 million vehicles by the end of 2022. These statistics would enable the German carmaker to leapfrog Tesla Inc and making China the key battleground.
Volkswagen is preparing two Chinese-based factories to build electric cars next year. The Chinese plants will have a production capacity of a 600,000 vehicles, according to the carmaker’s plans. Meanwhile, Tesla is still trying to reach its goal of manufacturing more than 500,000 cars a year with a new factory built in Shanghai, China. This reveals VW’s ability to industrialize faster while relying on an established workforce in two of its plants in Anting and Foshun.
The Wolfsburg, Germany-based carmaker will also plan to retool 8 of its plants across the globe by 2022 to specialize in manufacturing electric cars according to senior VW executives, putting the company on track to becoming the largest maker of zero-emission vehicles.
On Tuesday, Tesla Inc.’s (TSLA.O) Chief Executive Officer Elon Musk announced that the automotive company would start to open its licensing software to supply powertrains and batteries for other car manufacturers. “Tesla is open ...
European new car registrations fell in June year-on-year, but showed some improvement when compared to May 2020 as lockdown measures continue to loosen across the region, Tuesday’s industry data showed. In June, passenger car sales were ...
Oil prices fell on Thursday after OPEC+ agreed to lessen output cuts from August, though the decline was dampened by a recovery in demand as U.S. crude stocks had an unprecedented drop. Brent crude slid 0.3%, or 13 cents, at $43.66 per barrel. ...
The dollar firmed on Thursday as a decline in Chinese retail sales worried investors, while the rest of the market anticipates the EU summit this weekend. The euro was down 0.1% to $1.1401, while the dollar stood at 106.95 on the yen. The ...
Tesla Inc.’s (TSLA) Chief Executive Officer Elon Musk announced on Thursday that Wall Street’s most controversial stock might join the S&P 500 after the company’s market value has risen from $50 billion to more than $250 ...
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