Nike Hails Wembanyama as Alien Phenom in New Ad After Rookie Season Beyond Earthly Expectations 
How India’s economy has fared under ten years of Narendra Modi 
What if the Reserve Bank itself has been feeding inflation? An economist explains 
Inflation is slowly falling, while student debt is climbing: 6 graphs that explain today’s CPI 
Tribute to the King of Monsters: Imperial Enterprises Launches Godzilla 70th Anniversary Wallet 
Starbucks Needs to Overhaul US Operations After Disappointing Earnings: Ex-CEO 
McDonald's Reveals Return of Favorite Treat in Canada 
NVIDIA & AMD Secure TSMC’s CoWoS Supply Through 2025 Amid AI Boom 
Heineken to Reopen Shuttered Over 60 Pubs in UK, Expects to Generate 1,000 Jobs 
Supporting ‘democracy’ is hard for many who feel government and the economy are failing them 
Some experts say the US economy is on the up, but here’s why voters don’t think so 
Boeing's Astronaut Launch Stalled by Valve Issue 
Impact investing in Paris suburban ‘banlieue’ neighbourhoods 
Uganda’s tax system isn’t bringing in enough revenue but is targeting small business the answer? 
Bosch engineering and technology company headquartered in Gerlingen, Germany, has revealed its plans to spend $1 billion as an investment for electric car components manufacturing plant in China.
According to CNN Business, Bosch will build a facility for research and development (R&D) and manufacturing of EV parts that will be used for new energy EVs and automated-driving technology in Suzhou, a city located in the west of Shanghai.
The company said that investment would be put into the project over the next years. Bosch shared that it expects the completion of the first phase of the new facility by mid-2024. Robert Bosch GmbH is spending $1 billion to produce electric vehicle parts in China as it hopes to turn the country’s retreat from the combustion engine to its advantage.
“China is the world’s largest auto market, full of promise and vitality,” Bosch’s chief executive officer and chairman of the board of management, Stefan Hartung, said in a statement. “As a multinational enterprise, we need to make full use of the country’s local R&D capability and production capacity.”
Bloomberg further reported that with the upcoming EV component manufacturing facility in Suzhou, Bosch would start developing parts for electric cars. It will also carry out testing and, finally, the production of the components and automated-driving technology that will be mainly supplied to automakers in China.
“This is an important step on the way to future mobility in the world’s largest car market,” the Bosch CEO said in another statement.
Meanwhile, Bosch currently employs about 55,000 workers in China as it is already operating in the country. With its new plant that will focus on technology such as integrated braking systems and silicon carbide power modules, its workforce is expected to increase. Finally, the company’s announcement of a $1 billion investment comes just two months after Olaf Scholz, a German Chancellor, visited China along with several top executives.
Photo by: Christian Werther/Unsplash
