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German auto giant Volkswagen aims to double production in China, targeting two million cars annually by 2007. The new target signals foreign carmakers confidence.
The new target represents a dramatic rise in Volkswagen's previously stated goal of building one million cars in China by 2007 and signals foreign carmakers confidence in the blistering pace of growth in the world's hottest auto market.
Earlier this week, French auto maker Peugeot Citroen announced plans to spend 760 million dollars to expand existing production facilities and introduce two models in the China market.
(CRI January 9, 2004)
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