Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

SAIC Volkswagen says adjusting plant base “necessary”

admin by admin
September 21, 2024
in Stock
0
SAIC Volkswagen says adjusting plant base “necessary”
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

HONG KONG (Reuters) – SAIC Volkswagen (ETR:VOWG_p), responding to reports it would close its Nanjing plant, said on Saturday that adjusting its production base was “normal and necessary”, Chinese media outlet Yicai reported.

Reuters reported this week that Germany’s Volkswagen plans to stop production at one of its combustion engine car plants in China, in a sign of automakers’ struggles to manage overcapacity in the world’s biggest car market.

Some reports said the joint venture of VW and Chinese partner SAIC Motor would close the Nanjing plant, although a person with direct knowledge of the matter told Reuters the firm had not decided whether to sell or close the plant.

Asked on Saturday about plans to close the Nanjing plant, SAIC Volkswagen said that “based on corporate strategic planning and reaction to market trends, company’s adjustment on its production base is a normal and necessary business behaviour”, Yicai said.

Yicai quoted SAIC Volkswagen as saying production at the Nanjing plant remains normal but as it will roll out many new products in the future, including gasoline and new energy vehicles, it needs to adjust its production base accordingly.

The company did not immediately respond to Reuters request for comment on Saturday. On Wednesday, Volkswagen said it does not comment on speculation and SAIC could not be reached for comment.

This post appeared first on investing.com

Previous Post

Boeing’s space and defense chief exits in new CEO’s first executive move

Next Post

Selling season, election ahead, but keep an eye on ’25, says Wells Fargo

admin

admin

Next Post
Selling season, election ahead, but keep an eye on ’25, says Wells Fargo

Selling season, election ahead, but keep an eye on ’25, says Wells Fargo

Trending News

Rheinmetall, BAE Systems and other European defence stocks surge as leaders push for higher military spending

Rheinmetall, BAE Systems and other European defence stocks surge as leaders push for higher military spending

March 3, 2025
Colombia’s Congress rejects tax reform, escalating Petro administration’s fiscal woes

Colombia’s Congress rejects tax reform, escalating Petro administration’s fiscal woes

December 12, 2024
Coca-Cola stock: dividend king with valuation concerns

Coca-Cola stock: dividend king with valuation concerns

September 29, 2024
Subscribe to Insightful Word


    Recent News

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    June 6, 2025
    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025
    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    June 6, 2025
    Starlink reportedly secures key licence in India, moves closer to launching services

    Starlink reportedly secures key licence in India, moves closer to launching services

    June 6, 2025

    Recent News

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll

    June 6, 2025
    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more

    June 6, 2025

    Latest News

    • China’s May export growth seen slowing to 5.0% amid trade uncertainty: Reuters poll
    • FTSE 100 Index shares of 2025: Rolls-Royce, Fresnillo, BAE, and more
    • Asian stocks end mixed: Hang Seng snaps winning streak, Nikkei jumps 0.5%

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.