News Snapshot:
By Yilei Sun and Brenda Goh BEIJING (Reuters) - Volkswagen AG and its Chinese joint venture partner SAIC Motor plan to invest 4.13 billion yuan (£470.12 million) to revamp their car plants in Shanghai to make new Audi sedans, according to a government document seen by Reuters. SAIC Volkswagen, the joint venture (JV) of Wolfsburg-based automaker and China's biggest automaker, currently only sells cars under the Volkswagen and Skoda marques. Audi is Volkswagen's luxury car unit. With the revamp at its Shanghai plants, the JV is aiming for an annual manufacturing capacity of 60,000 Audi A7L sedans and 60,000 new...
