Salem Radio Network News Saturday, October 23, 2021

Business

Volkswagen building new battery system factory in China’s Hefei city

BEIJING (Reuters) – Volkswagen AG said on Thursday it is building a new battery system factory in eastern China’s Hefei city which will start production in 2023.

The German automaker said it would invest more than 140 million euros ($164 million) in the battery plant by 2025.

It is building a factory for electric vehicles under a majority-owned venture in the Hefei city.

($1 = 0.8538 euros)

(Reporting by Yilei Sun and Brenda Goh; editing by Jason Neely)

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