German auto giant Volkswagen said it had approved a 2 billion euro investment in a new electric car plant.
Construction on Volkswagen's 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.BERLIN - German auto giant Volkswagen said 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.
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 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.