German Auto Industry Equipping for the Future
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 eastern Germany.
"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.