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Business

Volkswagen-SAIC JV to revamp Shanghai plants to make Audi sedans

BEIJING: Volkswagen AG and its Chinese joint venture partner SAIC Motor plan to invest 4.13 billion yuan (US$590mil) to revamp their car plants in Shanghai to make new Audi sedans, according to a government document seen by Reuters.

Business

Swatch sales almost halve, post net loss in first half

ZURICH: Swatch Group said it expected sales and profits to improve quickly in the coming months after the Covid-19 pandemic led it to post a net loss in the first half of the year.