Reuters: Market News: UPDATE 1-Audi to build new plant in Mexico -magazine

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UPDATE 1-Audi to build new plant in Mexico -magazine Apr 6th 2012, 14:45 Fri Apr 6, 2012 10:45am EDT FRANKFURT, April 6 (Reuters) - German car maker Audi has won the backing from parent Volkswagen to build a new plant in Mexico, German magazine Der Spiegel reported on Friday, citing no sources. The new factory will be designed to build Audi's Q5 sport-utility vehicle from 2015, the magazine said. VW's supervisory board will ratify the plans at its next scheduled meeting on April 18. Audi spokesman Joachim Cordshagen declined to comment. VW originally wanted to expand its U.S.-based factory in Chattanooga, Tennessee, which was only opened a year ago, to make room for production of Audi vehicles. The decision to build a factory for Audi in Mexico is not yet official, the top labour representatives of VW and Audi, Bernd Osterloh and Peter Mosch said on Friday in a joint statement. They also said employee representatives on VW's supervisory board will only sign off on the investment if the companies make "substantial pledges" on jobs and production.

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