China Pushes for Completion of Volkswagen's Car Plant by Year's End

China is aiming to complete work on the massive car manufacturing plant being developed by Volkswagen by the end of the year, according to a Hong Kong newspaper. The project, a joint venture between Volkswagen and the Number One Automobile Group, is expected to produce 150,000 passenger cars annually and marks the largest Sino-foreign industrial joint venture in China. Officials have expressed hopes that the plant will provide a base for manufacturing cars for Chinese families, which are expected to be able to afford vehicles early in the next century.

Key Takeaways:

• China is pushing for the completion of Volkswagen's car plant by the end of the year, with the first phase aiming to produce 150,000 passenger cars annually.
• The joint venture between Volkswagen and the Number One Automobile Group is the largest Sino-foreign industrial joint venture in China, with a total investment of $144 million from China and 426 million deutschmarks from Germany.
• The project's second phase will increase production to 300,000 cars a year, making it China's biggest producer of automobiles using advanced technology.
• Chinese Vice Premier Zou Jiahua has expressed hopes that the joint venture will set up a base for manufacturing cars for ordinary Chinese families.
• The project is part of Beijing's plan to make cars affordable for Chinese families early in the next century, with a population of 1.2 billion.

Statistics:

• The plant is expected to produce 150,000 passenger cars annually in the first phase.
• The joint venture has a total investment of $144 million from China and 426 million deutschmarks from Germany.
• The plant's second phase will increase production to 300,000 cars a year.
• The population of China is 1.2 billion.
• The number of passengers cars expected to be produced in the second phase of the project is 300,000.

Sources:

• Ta Kung Pao, pro-Chinese newspaper.