Bosch plans $1 billion Chinese electromobility site

German engineering group Bosch on Thursday unveiled plans to invest around $1.0 billion in a research and development centre in China for electromobility and automated driving.

The company said in a statement that the first phase of the multi-year project in the eastern city of Suzhou would be completed by mid-2024 and have a 300,000-square-metre (3.2-million-square-foot) site upon completion.

A company spokeswoman told AFP the centre would be finished in 10 years.

Bosch said the centre would “develop and manufacture electromobility components, mainly for Chinese automakers”.

CEO Stefan Hartung called the investment “an important step for the mobility of the future in the world’s biggest auto market”.