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1/14, 5:00 PM (Source: TeleTrader.com)
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VW to invest $800M in US factory to make e-cars

German carmaker Volkswagen AG said on Monday it will invest $800 million to repurpose its factory in Chattanooga, Tennessee to build a new generation of electric cars.

The investment is expected to create "up to 1,000 new jobs" locally, the company noted, with the first ID. CROZZ SUV model coming out in 2022. "Together with our ongoing investments and this increase in local production, we are strengthening the foundation for sustainable growth of the Volkswagen brand in the US," said Volkswagen's Chief Executive Officer Herbert Diess. He met with United States President Donald Trump in December, together with representatives of Daimler and BMW, to discuss investment opportunities in the US.

The move comes as a part of Volkswagen's strategy of reorienting toward electric cars and "future-oriented technologies" globally. TIt plans to sell at least 1 million electric cars every year by 2025, the release said.

Breaking the News / NI