Volkswagen inked an investment agreement with Hefei, capital of east China's Anhui Province on Tuesday to build a research and development (R&D), innovation, and procurement center for fully connected electric cars in the Chinese city. With an investment of around 1 billion euros (about 1.07 billion US dollars), the center, also registered as the group's new subsidiary, is expected to be put into operation in early 2024. Estimated to gather more than 2,000 R&D and purchasing specialists, the new company will help gradually shorten the automotive giant's development time of new products and technologies by around 30 percent.

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