German companies continue to increase their investments in China. Pre-series production has started in the first factory of the German luxury car manufacturer Audi AG for fully electric vehicles. This step marks an important milestone for the company to further optimize its strategic position in China's new energy vehicle market. Helmut Stettner, CEO of Audi FAW New Energy Vehicle Company, said that the planned annual production capacity of the factory in Jilin province is more than 150 thousand vehicles.
Three fully electric models designed for the Chinese market are expected to come off the production line by the end of the year and be put on the market from the beginning of next year. The foundation of the Audi FAW New Energy Vehicle project, which cooperated with China's leading automobile manufacturer FAW Group and was implemented with a total investment of more than 35 billion yuan (approximately 4,9 billion dollars), was laid in June 2022.
On the other hand, another German company, Leoni, will start a new investment in Changzhou, China's Jiangsu province. German cable giant Leoni will establish a production facility in Changzhou with an investment of 100 million dollars to produce cables used in new energy vehicles.