German Auto Industry Equipping for the Future

Berlin/Palo Alto (ots) - 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. Jürgen 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.

Contact:
Germany Trade & Invest
Andreas Bilfinger
Email: andreas.bilfinger@gtai.com
T: +49(0)30 200099-173
F: +49(0)30 200099-111