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Volkswagen to invest $1 billion in China EV market, plans higher-end car

April 21, 2023
Source: cnbc.com cnbc.com
News Snapshot:
Volkswagen's ID.7 is set for release in Europe and China in the fall of 2023, and in North America in 2024. CNBC | Evelyn Cheng BEIJING — German automaker Volkswagen is investing about $1 billion in China for electric car development, and releasing a vehicle targeted at a higher end of the market. The company announced at the Shanghai auto show this week it is investing around 1 billion euros (about $1.1 billion) in an electric car development and business center in Hefei — a city near Shanghai that's become an auto hub, home to Nio's China office and others....
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