Volkswagen hits a higher gear in China (OTCMKTS:VWAGY)

Volkswagen (OTCPK:VWAGY) says the restart of production in China is starting to gain traction.

Hope is returning to the Chinese market as business levels start to normalize with all 2K dealerships open, states VW China chief Stephan Wollenstein.

The German automaker reiterates a plan to add two new electric vehicle sites in China during the second half of the year with combined capacity of 600K vehicles annually and start local manufacturing of the Audi E-Tron SUV.

Shares of Volkswagen are up 2.05% in Frankfurt trading.