Volkswagen Transmission (Shanghai) will be shut down in March 2023, mainly producing manual transmissions

CTOnews.com November 17 news, today, the Internet circulated an internal letter from Volkswagen Transmission (Shanghai), saying that under the overall consideration of the changing environment of the industry and actual business changes, SAIC Volkswagen made the decision to stop production of manual transmissions at the beginning of the year. In this context, after careful discussion, the company's management and stock Dongfang plan to formally stop production by the end of March next year, after which the company will enter the closure and liquidation process.

Volkswagen China responded to today's news that Volkswagen Transmission (Shanghai) Co., Ltd. plans to formally stop production at the end of March next year, after which the company will enter the shutdown and liquidation process. Volkswagen China responded that the factory will indeed stop production, and then enter the shutdown liquidation process.

CTOnews.com learned that internal letters circulated online said, "our factory has experienced more than 20 years since it was founded in 2001. The company's only product is a manual transmission. Due to the declining market demand, our company's product line, production scale and the number of employees have been gradually shrinking in recent years."

According to industrial and commercial data, Volkswagen Transmission (Shanghai) was established in October 2001. Volkswagen, FAW and SAIC hold 60%, 20% and 20% respectively, with a total investment of US $126 million. The main products are MQ series manual transmissions.