The groundbreaking ceremony of Tesla’s mega factory in Shanghai, May 23, 2024. The factory will manufacture its energy-storage batteries, Megapacks. [Photo/Xinhua]
This year marks the 30th anniversary of German automaker BMW AG’s entry to Chinese market. On May 8, the 6 millionth car produced by BMW Brilliance Automotive rolled off the production line.
Many foreign automotive manufacturers have doubled down on their investments in China: Volkswagen AG established its largest R&D center outside Germany in China, focusing on the research of intelligent connected vehicles. Tesla’s Shanghai mega factory has become the company’s major export hub in the world, accounting for more than half of its global production capacity in 2023.
Against the backdrop of sluggish global economic recovery, China’s share of total foreign direct investment in the world remained above 10 percent, maintaining a high level for many consecutive years. 59 percent of the surveyed enterprises see China as one of their top three investment destinations, according to research by the EU Chamber of Commerce in China.