BERLIN and PALO ALTO, CA, June 8, 2011 /CNW/ - German automakers are
investing in the future at an astonishing pace: BMW investments in
China have recently doubled and construction of a new BMW plant in
Leipzig is underway. The EUR 400 million facility will soon see
electric BMWs rolling off the assembly line.
Volkswagen inaugurated its USD 1 billion plant in Tennessee less than
two weeks ago and Porsche is investing USD 100 million in its new North
American headquarters in Atlanta. Daimler is outfitting a new line of
cars with Canadian-made fuel cells. And with a goal of six million
electric vehicles on German roads by 2030, Germany's automotive
industry is thriving at home.
Germany Trade & Invest is holding an investor event on June 9 in Palo
Alto to highlight the latest developments and business opportunities in
Germany's automotive industry, especially in the high growth regions of
"With several world-renowned automakers, Germany has long been a top
location for automotive innovation. The paradigm shift to sustainable
mobility again confirms Germany's position as a launchpad for new
technologies that can reach markets around the globe," said Dr. Juergen
Friedrich, Chief Executive of Germany Trade & Invest in Berlin.
Alongside intense private sector engagement, Germany has established an
excellent political framework for investors with generous public
programs. Last month the Federal Ministry of Economics and Technology
announced that it would double its R&D grant budget under the National
Development Plan for Electric Mobility. At the same time, eastern
Germany is an excellent production location for automakers seeking a
secure business climate, highly trained workforce and access to the
entire European market. At the event in Palo Alto, BMW Group VP Andreas
Klugescheid and a representative of solar rooftop maker Quantum
Technologies will highlight the latest developments in eastern Germany.
Germany Trade & Invest is the foreign trade and inward investment
promotion agency of the Federal Republic of Germany. The organization
advises foreign companies looking to expand their business activities
in the German market. It provides information on foreign trade to
German companies that seek to enter foreign markets.
SOURCE Germany Trade and Invest
For further information:
Germany Trade & Invest