Business General News

German auto giant to invest $800 million in U.S. electric vehicle plant

VW electric bus

On 14th January, Herbert Diess, the CEO of Volkswagen stated that the company would make an investment of $800 million to build its next generation of electric vehicles.

The German auto giant would build its new plant at Chattanooga, Tennessee which would also help the company avoid taxes and ease tensions with President Donald Trump.

At the Detroit Auto Show, the Diess stated that the automaker’s investment in Chattanooga would create new jobs and avoid tariffs between Europe and the United States.

The CEO also stated that the company is looking to build a plant in the United States for Audi, its premium car brand.

The company said production for its new electric vehicles will begin in 2022 and would create around 1,000 new jobs in Tennessee.

If the plant requires additional investment the company is willing to do as per the statement from Diess.