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08 05 2017 02

BERLIN -- China's Beijing WKW Automotive Parts Co. is betting on the future of electric mobility in Germany with a billion-euro factory.

Beijing WKW will invest as much as 1.13 billion euros ($1.24 billion) on an electric car factory in the eastern state of Saxony that will create over 1,000 new jobs, according to a statement by the regional government on Thursday. Saxony courted WKW to set up manufacturing in the state to produce "premium" electric cars, according to the statement.

"Saxony is already a car state and we want that to remain so in the future," regional Economy Minister Martin Dulig said. WKW hopes to benefit from a "Made in Germany" cachet for marketing its cars, Ministry spokesman Marco Henkel said by telephone on Thursday. WKW hasn't requested state aid, he said.

The Chinese company's planned investment in a plant in Rothenburg/Oberlausitz near the German/Polish border is occurring just as German carmakers gear up to boost production of electric vehicles. Saxony is already home to plants owned by Volkswagen and BMW. WKW will benefit from proximity to about 750 car part suppliers in the region, according to the statement.

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