VW building 2 more China plants
Volkswagen will invest $2.7 billion to construct two more vehicle assembly plants in China, the carmaker said in a statement Tuesday.
The move is part of a wider plan by VW to invest 18.2 billion euros in China through 2018 to expand capacity and increase the number of models produced in the market, according to Bloomberg.
The automaker, which counts China as its largest market, said it plans to build the plants in the coastal cities of Qingdao and Tianjin.
“China has become our largest and most important market,” VW CEO Martin Winterkorn said in the statement. “To satisfy the demands of our customers in the country, we are engaging in a further substantial expansion of our capacities in China together with our Chinese partner FAW Volkswagen.”
Delta cutting back flights to Venezuela
CARACAS, Venezuela – Delta Air Lines drastically reduced service to Venezuela on Monday in a dispute with the government over revenue trapped in the South American country. The move left disgruntled fliers scrambling to rebook seats on one of the dwindling number of carriers with full service to the socialist country.