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Volkswagen to open new factories in China

Volkswagen AG is opening three new factories in China with its partner China FAW Group Corp. to handle sport-utility and electric vehicle production.

The German automaker on May 28 unveiled the first factory in Qingdao. The second and third factories will be set up in Foshan and Tianjin and will open in June and August, respectively.

In a news release, the company said it expects the new facilities to increase its localization efforts and provide technologies to help develop China's automotive industry.

Volkswagen added that it plans to spend about €15 billion, together with its joint venture partners, to develop e-mobility, autonomous driving, digitization and new mobility services through 2022.