Volkswagen plans 2 bn euro electric car plant in Germany
-
Air Force One: iconic jet gets the Trump treatment
-
Hollywood studios and unions call on Trump to offer tax breaks
-
Forest striker Awoniyi rushed to hospital for abdominal surgery: reports
-
Rain soaks first practice day at PGA Championship
-
Progressive influencer tells of detention at US airport
-
Rapper Tory Lanez attacked in US prison: authorities
-
Trump announces drug price cut with swipe at Europe
-
Hollywood stars condemn Gaza 'genocide' on eve of Cannes Festival
-
McIlroy looks to the future after post-Masters thrill ride
-
Sinner set for first Italian Open test, Sabalenka marches on
-
Son wants Europa glory to 'complete' Spurs career
-
First group of white South Africans arrive in US for resettlement
-
Trump mulls joining Ukraine talks in Turkey, Kremlin silent on Putin
-
US, China agree to slash tariffs as Trump says will speak to Xi
-
Spanish rider Landa returns home for 'long recovery' after Giro crash
-
Kurdish militant group PKK ends decades of armed struggle
-
Trump says would be 'stupid' to reject Qatari Air Force One gift
-
Uruguay's ex-president Mujica receiving palliative care: wife
-
Remainder of IPL to be held between May 17-June 3 after ceasefire
-
Hamas frees US-Israeli hostage
-
Trump defends resettling white South Africans as refugees in US
-
Sean 'Diddy' Combs was 'coercive and criminal,' jury hears
-
Nazi files found in champagne crates in Argentine court basement
-
Myanmar junta airstrike kills 22 at school: witnesses
-
Zelensky wants Trump at peace talks, Russia silent on whether Putin will go
-
Ground-breaking Grand National winner Blackmore retires
-
Trump heads on major Middle East tour
-
Nepal holds tribute for disappearing glacier
-
Sinner eases into Italian Open last 16, Osaka dumped out
-
Real Madrid duo Vinicius, Vazquez injured
-
Indian PM Modi vows strong response to any future 'terrorist attack'
-
Opening statements start in Sean 'Diddy' Combs trial
-
Snow cover of Swiss glaciers below average this year: study
-
Jihadist attack kills 'several dozen' in Burkina Faso
-
Ancelotti to leave Real Madrid for Brazil job
-
Trump announces drug prices cut with swipe at Europe
-
Ancelotti exits Madrid, hoping to add World Cup with Brazil
-
US, China agree to slash tariffs as Trump says to speak with Xi soon
-
Ancelotti to take over as Brazil coach
-
Israel urges ICC to drop arrest warrants against PM
-
Poland to close Russian consulate in Krakow over 'sabotage'
-
Kremlin rejects Europe's 'ultimatums' for truce with Ukraine
-
Ireland rugby captain Doris ruled out for up to six months
-
Algerian attack survivor vows to be heard in court battle with award-winning author
-
Europa League glory could be 'turning point' for Spurs: Postecoglou
-
White S.Africans resettled in US did not face 'persecution': govt
-
Gaza faces 'critical risk of famine': UN report
-
Indian teams defuse bombs in Kashmir border areas
-
Kim Kardashian testifies in Paris multi-million-dollar robbery trial
-
Alexander-Arnold exit will not overshadow Liverpool title party: Van Dijk
NYSE - LSE
Volkswagen plans 2 bn euro electric car plant in Germany
German auto giant Volkswagen said on Friday it had approved a 2 billion euro 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.
The new site will be dedicated to the production of mass-market "Trinity" vehicles, the centre point of Volkswagen's new all-electric fleet.
The decision was an "important milestone" for the company, the head of the VW brand Ralf Brandstaetter said in a statement, as it plans its move away from traditional combustion engines.
The Volkswagen group -- whose 12 brands include Audi, Porsche and Skoda -- is pumping 35 billion euros into the shift to electric vehicles and aims to become the world's largest electric carmaker by 2025.
The announcement of the $2.2 billion investment came on the same day as Volkswagen's rival, electric car pioneer Tesla got the green light from local officials to start production at a new plant near Berlin, Tesla's first "gigafactory" in Europe.
With Tesla's ambitions parked on its front lawn, Volkswagen is hoping to match its US rival with the new purpose-built factory by producing new electric vehicles in the space of 10 hours.
Currently, an electric Volkswagen takes around 30 hours to be built at the group's plant in Zwickau in eastern Germany, group CEO Herbert Diess told employees in November.
Y.Kobayashi--AMWN