Volkswagen vehicle assembly plant launched in Kuliyapitiya
The ground breaking ceremony of the vehicle assembly plant of the German auto maker Volkswagen was held in Kuliyapitiya yesterday under the patronage of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe.
Volkswagen is the second largest car maker in the world. The company will initially assemble vehicles in the 1000cc to 2000cc category and these vehicles will be diesel powered and include passenger cars, Sport Utility Vehicles (SUV), Multi Utility Vehicles (MUV) or commercial vehicles.
Volkswagen AG’s local joint venture partner is Senok Automobiles and the total investment will be US$ 26.5 million.
The project in addition to bringing investor confidence for Sri Lanka and FDI’s will also bring in advanced German automobile technology into the country and create job opportunities for the local youth.
Volkswagen which rose from the ashes of World War II was one of the firms that contributed to the so-called German economic miracle of the country’s social market economy.
The company is best known for iconic models such as Beetle, Golf and Passat.
(Source: Daily News)
Latest Headlines in Sri Lanka
- Sri Lanka turns to Indian and Russian companies to manage Chinese-funded Airport April 26, 2024
- Sri Lanka’s state revenue surges to record Rs. 834 Billion in first quarter 2024 April 26, 2024
- Army soldier killed, 9 injured in Mankulam cab-lorry collision April 26, 2024
- Electricity trade unions to take legal action against Sri Lanka Electricity Bill April 26, 2024
- Gotabaya Rajapaksa refutes Cardinal Ranjith’s allegations on Easter Sunday Attacks April 25, 2024