Car giant Volkswagen to wind down production at two factories China could buy factories for foothold in Germany, says source Volkswagen open to selling to China buyer, says...
Building cars in Germany for sale in Europe would allow China ’s EV makers to avoid paying EU tariffs on electric cars imported from China and could pose a further threat to Europe an manufacturers’ competitiveness. — AFP picas a first-time user .
Any such move could mark China’s most politically sensitive investment yet. VW has long been a symbol of Germany’s industrial prowess, now threatened by a global economic slowdown hitting demand and creaking transition to green technologies. The two economies became deeply intertwined during Angela Merkel’s 16 years in office, fuelled by investments and exports from German carmakers to China.
“We are committed to finding a continued use for the site. The goal must be a viable solution that takes into account the interests of the company and employees,” a spokesperson said, declining to comment specifically on speculation about an offer. “China has introduced a series of opening-up measures to create new business opportunities for foreign companies ... It is hoped that the German side will also uphold an open mind, provide a fair, just and non-discriminatory business environment for Chinese firms to invest,” the spokesperson said in a statement to Reuters.
Selling factories could be cheaper for VW than closing plants, said a banker familiar with the carmaker, adding that they could fetch between 100 million euros and 300 million euros each.Stephan Weil, premier of Lower Saxony and supervisory board member at VW, declined to comment.
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