The German vehicle manufacturer Volkswagen (VW), Europe's largest car manufacturer, plans to close a factory in Nanjing, China, which it operates together with the Chinese company SAIC Motor.
Production may stop as early as 2025, reports the news agency Bloomberg, citing sources.
The factory produces fossil-fuel-powered VW Passat and Skoda cars, with a production capacity of 360,000 cars per year.
Falling demand for fossil-fuel-powered cars is behind the plan, according to the agency's sources.
VW, like other major car manufacturers, has struggled with unexpectedly weak demand for electric cars in Europe this year, but in China, the electrification of the vehicle fleet is currently progressing rapidly with new Chinese electric cars from, among others, BYD.
What do you think?