New Delhi CNN —Bosch, the German engineering and technology company, is planning to invest $1 billion to make components for new energy vehicles in China, the world’s largest car market.
The company plans to build a research, development and manufacturing facility for parts for new energy vehicles and automated-driving technology in Suzhou, a city in the country’s east, Bosch said in a statement on Thursday.
It plans to invest around $1 billion in the project over the next years, the statement added.
“China is the world’s largest auto market, full of promise and vitality.
Bosch has had a presence in China since 1909 and employs around 55,000 people in the country.