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China Bets $1.2 Billion on Electric Cars in Volkswagen’s Germany

May 4, 2017, 1:54 PM

China’s Beijing WKW Automotive Parts Co. is betting on the future of electric mobility in Germany with a billion euro factory nearby plants owned by Volkswagen AG and BMW AG.

Beijing WKW will invest as much as 1.13 billion euros ($1.24 billion) on an electric car factory in the eastern state of Saxony that will create over 1,000 new jobs, according to a statement by the regional government May 4. Saxony courted WKW to set up manufacturing in the state to produce “premium” electric cars, according to the statement.

“Saxony is already a car state and we want that to ...