Volkswagen AG, PSA Peugeot-Citroen and other automakers would invest more than 10 billion yuan (USD 1.52 billion) in manufacturing capacity in Guangdong this year, domestic media reported Sunday (Feb.13).
Major greenfield projects lined up in Guangdong included Volkswagen s car plant with Chinese State-owned FAW Group and a joint facility between Peugeot and China Changan Group, said a Xinhua report, quoting the local economic planner.
Toyota Motor and Honda Motor, which had their manufacturing base in Guangdong, were expanding their vehicle and engine plants, said the report.
The investments will boost the province s carmaking capacity, which at the end of 2010 came to 1.32 million vehicles, ranking second in the country and equivalent to about 9.5 percent of China s 2010 overall car output.
