Audi looks to eagerly boost their China production within the span of the next five years. The luxury carmaker is also looking to strengthen its bonds with its local part China FAW Group Corp Ltd. as China continues to take the lead in the vehicle market.
China continues to allure more and more companies and they continue to rack up stellar consumer numbers in the market. Currently, the country consumes a hefty amount of automobile and continues to take a huge chunk in the auto market.
Furthermore, the auto company is also looking to announce a whole new myriad of SUVs. According to Audi, they are looking to introduce 10 new sports utility vehicle or SUVs in China by 2022. They are expecting a massive sale increase by 2025 from their new SUVs.
Audi’s Investment Plan
The luxury automaker also announced their plan on adding more engineering staff in China. According to reports, Audi plans to add a total of 750-800 new engineering staff without giving any additional information and timeline.
Audi also plans to increase the vehicle they build and develop with SAIC Motor Corp Ltd. SAIC is a Chinese state-owned automotive design and manufacturing company that have been creating Audi cars as a joint project.
The massive investment comes amidst the grueling tariff talks between China and the U.S.A., a possibility of a trade war is also sitting idly. The tension dies down as geopolitical crisis tension rises on the last few weeks.
To add, China looks to add duties to U.S. car imports as a countermeasure to the previous proposed Chinese goods tariffs from the United States.
On the brighter side, the country is looking to attract more foreign investors, automotive companies to be exact. According to the country, they are looking to thrash the ongoing limit on foreign ownership of automotive ventures by the year 2022.
Beijing Auto Show
On the other hand, the recent Beijing auto show managed to attract bigger companies, one of them is Tesla. The automotive giant recently debuts heir Model 3 in the country; although this isn’t the first Model 3 to land in the country as units were imported prior to the show.
China has been garnering a number of auto investors. They are looking to gain more by 2022 as they abolish the foreign ownership law. The huge consumer that favors autos is also expected to seduce more and more foreign auto companies these coming years.
for your round-the-clock market update! We provide you with the latest news surrounding Forex, commodities, automobile, consumer, financial, economy, and technology. Never miss any news beat! Subscribe now!