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Neumann named new president of VW China

Volkswagen AG announced last week that Karl-Thomas Neumann, currently the chief officer of VW's electric vehicles division based in Wolfsburg, will become president of Volkswagen Group China from September 1 to succeed Winfried Vahland, who will then take the helm of the group's Czech unit Skoda. The incumbent Skoda chief Reinhard Jung will retire.

600m yuan BYD-Daimler electric car joint venture