VW plans US$2.2bil electric car plant in Germany

Construction on the new German factory next to the group’s historic home in Wolfsburg will begin “as early as spring 2023” for a production start in 2026, VW said in a statement.

FRANKFURT: German auto giant Volkswagen (VW) says it has approved a €2bil (US$2.2bil or RM9.2bil) investment in a new electric car plant, as it seeks to overhaul its business in the face of stiff competition from US rival Tesla.

Construction on the new German factory next to the group’s historic home in Wolfsburg will begin “as early as spring 2023” for a production start in 2026, VW said in a statement.