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Volkswagen plans to build a fully electric sports utility vehicle (SUV) for China from 2021, taking on the Chinese market leader Tesla’s Model X as the German carmaker ramps up production of zero emissions vehicles. The planned new SUV is the latest move in Volkswagen’s aggressive growth strategy in China, where electric cars are given preferential treatment by authorities.
China’s commercial capital of Shanghai is still far from its goal of becoming a global financial hub by 2020 due to hurdles such as capital controls and a lack of consistent rules, a report by a US business lobby group said on Thursday.