FOSHAN, China, Sept 25 (Reuters) - Volkswagen AG plans to double capacity of a newly opened factory in the southern Chinese city of Foshan, its China chief executive said on Wednesday.
China CEO Jochem Heizmann told reporters the firm was in “intense discussion” with its Chinese partner FAW Group Corp to raise its stake in their joint venture to 50 percent from 40 percent.
Volkswagen on Wednesday officially opened its plant in Foshan, a city located in China’s Guangdong province. China is the world’s largest automobile market and Europe’s No.1 carmaker is beefing up efforts to grab more market share in a region dominated by Japanese firms. (Reporting by Samuel Shen in Foshan and Norihiko Shirouzu in Beijing; Writing by Adam Jourdan; Editing by Jacqueline Wong)