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By Sam Boughedda
Investing.com — Volkswagen (DE:) AG (DE:) introduced Friday it plans to construct a brand new manufacturing facility in Germany.
Volkswagen shares fell 8%.
The announcement comes shortly after the information that Tesla (NASDAQ:)’s long-awaited German gigafactory has gained conditional approval.
Volkswagen’s new plant is ready to price roughly €2 billion ($2.2 billion) and can be in Wolfsburg-Warmenau, near the corporate’s fundamental plant.
The brand new plant will make a brand new mannequin of electrically powered sedans, codenamed Trinity. The plant’s development is scheduled to start in spring 2023, with the manufacturing of Trinity beginning in 2026.
“With this determination we’re strengthening and sustaining the competitiveness of the principle plant and giving the workforce a sturdy long-term perspective,” mentioned Volkswagen CEO Ralf Brandstätter.
The corporate added that the brand new Trinity manufacturing facility “is a key element of the biggest modernization program within the historical past of Volkswagen’s fundamental location.”
Volkswagen mentioned it goals for a manufacturing time of 10 hours per automobile on the manufacturing facility, considerably lower than the present time it takes to construct different automobiles at different websites. Compared, it reportedly takes the corporate greater than 20 hours to fabricate every Golf or Tiguan mannequin.
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