Volkswagen speeds up $1 billion China parts plan – Reuters

From Reuters (link)

Volkswagen aims to speed up plans to buy $1 billion of parts annually from low-cost suppliers in China, Europe’s biggest carmaker said on Friday, exerting pressure on VW’s German components plants to cut costs.

“The goal is to sign by the end of 2006 contracts worth $1 billion of exports to the group,” a VW spokeswoman said.

Last June, group purchasing chief Francisco Javier Garcia Sanz told reporters VW’s target was to have $1 billion in annual supplier contracts from China within three years versus around $250 million a year at that time.

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