Bosch, the German engineering and technology company, is planning to invest $1 billion to make components for new energy vehicles in China, the world’s largest car market
. The company plans to build a research, development and manufacturing facility for parts for new energy vehicles and automated-driving technology in Suzhou, a city in the country’s east, Bosch said in a statement on Thursday. It plans to invest around $1 billion in the project over the next years, the statement added. The first phase of the new facility is expected to be completed by mid-2024. “China is the world’s largest auto market, full of promise and vitality.
As a multinational enterprise, we need to make full use of the country’s local R&D capability and production capacity,” Stefan Hartung, chairman of the board of management of Bosch, said in the statement. Bosch has had a presence in China since 1909 and employs around 55,000 people in the country. The announcement comes two months after German Chancellor Olaf Scholz visited China with a team of top executives. This was the the first visit by a G7 leader to China in roughly three years.
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