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Volkswagen invests €700M to build new electric vehicle in US

Volkswagen AG said Jan. 14 that it will invest €700 million to begin production of its electric sport utility vehicle, called "ID. CROZZ", at its Chattanooga, Tenn. factory by 2022.

The Chattanooga plant will use a modular electric toolkit chassis MEB as the basis for its electric vehicles, according to the release. The German carmaker also said it will hire 1,000 more employees at the Tennessee site.

"The U.S. is one of the most important locations for us and producing electric cars in Chattanooga is a key part of our growth strategy in North America," Volkswagen CEO Herbert Diess said in a statement, adding that the move is among the initiatives the company is doing to grow the brand in the country.

The company said it plans to open eight more electric vehicle production facilities in Europe, North America and China over the next few years.