A man charges his car in a multifunctional new energy vehicle charging station in Hefei, capital of east China's Anhui Province, July 4, 2023. - Photo: Xinhua file
SHANGHAI: (Bernama-Xinhua) The rapid evolution of China's new energy vehicle (NEV) sector is driving multinational corporations to restructure their China strategies, prompting some to scale up local investments across research and development (R&D), production and supply chains, Xinhua reported.
German chemical giant BASF earlier this week announced a 500-million-yuan (about US$69.3 million) investment for the expansion of its Shanghai Cellasto plant, which provides noise, vibration and harshness reduction solutions for automobiles.
To capitalise on China's booming NEV market, the new facility will feature advanced mould lines and is scheduled to be operational in 2027, with a nearly 70 per cent capacity increase.
As a leading chemical supplier to the automotive industry, BASF strives to accelerate business growth in China's automotive sector, said Jeffrey Lou, president and chairman of BASF Greater China.
"BASF has made substantial investments in China since entering the Chinese market 140 years ago.
"Today's expansion is another strong testament to BASF's commitment to staying close to the local market and our customers," Lou remarked. - Bernama-Xinhua
