Construction of VW’S factory in China begins
Volkswagen’s China venture with SAIC Motor has started building a $2.5bn new-energy vehicle plant in Shanghai, which will make VW’S luxury Audi brand cars a possible first for the venture. The new plant is a key step for Audi to diversify production of its vehicles in the world’s largest car market from its long-standing local partner, China FAW Group.
Volkswagen says the new plant will have the capacity to make 300,000 cars a year and begin production from 2020. Audi sold 481,387 vehicles in China from January to September this year. Australia’s NAB cuts staff over wrongdoing
About 300 staff members of National Australia Bank (NAB) have been fired or left after internal investigations, CEO Andrew Thorburn said last week, following public revelations of misconduct across the sector. Thorburn said he was ashamed of the bank’s behaviour and admitted he had been wrong to oppose a commission of inquiry, which has exposed scandals in the country’s greed-driven banking culture.
More than 1,200 members of staff had been questioned about their adherence to the bank’s code of conduct as part of the internal probe, he said.