Is China trying to buy VW?
Reuters reported in January that several unnamed Chinese automakers were interested in buying or leasing two VW assembly facilities slated to be closed, in Dresden and Osnabrück, as part of a wider cost-cutting drive in its home country. Buying a car factory in Germany would enable China to establish a foothold in that country’s prized auto industry. Frankfurt/Berlin — Chinese officials and automakers are eyeing German factories slated for closure and are particularly interested in Volkswagen’s sites.Volkswagen, Europe’s biggest carmaker, is in the midst of a severe sales and cost crisis that it says requires plant closures and layoffs. Talks to rescue VW have started, but could Germany’s car policy prevented this?Under its ‘In China, for China’ strategy, the Volkswagen Group is accelerating its development to ‘China speed’. It is strengthening its local development capacities for e-mobility, digitalization and autonomous driving and accelerating its decision making and development processes in the region.Chinese investors and officials are considering purchasing German automotive factories that are on the brink of closure, with a particular focus on those owned by Volkswagen, reported Reuters. This move could potentially bolster China’s presence in the German auto industry.
How much of VW is owned by China?
SAIC-Volkswagen Equity holdings are split (as of 2010) – Volkswagen AG (40%), Volkswagen (China) Invest (10%), SAIC (50%). This a fixed term venture, of 45 years, running until 2030. Shanghai Volkswagen Automotive Co. Ltd. SAIC is owned by the state of Shanghai, not the central government, and is the largest of the “Big Four” car companies in China. In 2021 alone, it sold 5. FAW, and controls 52% of domestic car sales.China is the world’s largest producer of vehicles, having manufactured more than 23.
Why is Volkswagen building a team of 3000 engineers in China?
VW’s aim is to match the speed and efficiency of Chinese electric car manufacturers, which have seized a rapidly growing share of the Chinese car market. That has caused sales of the German car maker’s gasoline-powered vehicles to plunge in China. Western Europe was the largest market for Volkswagen although China remained the largest single-country market but VW Group sales in the world’s largest car market were flat in 2023.
Is Volvo still owned by China?
Who owns Volvo Cars? Volvo Cars is owned by the Chinese conglomerate Zhejiang Geely Holding Group Co. Ltd. Geely Holding. Geely is a multinational corporation that owns multiple businesses and brands in the automotive industry, and they took over the Volvo Cars brand in 2010. Volvo Cars is owned by the Chinese conglomerate Zhejiang Geely Holding Group Co. Ltd. Geely Holding. Geely is a multinational corporation that owns multiple businesses and brands in the automotive industry, and they took over the Volvo Cars brand in 2010.Zhejiang Geely Holding Group (Geely Holding), China’s largest private-owned automotive group, has made the decision to release more of its shareholdings in Volvo Cars in accordance to its long-term strategy to enhance the value of the Nasdaq Stockholm listed Swedish carmaker through an increase of liquidity and offer .