China’s Beijing WKW Automotive Parts is betting on the future of electric mobility in Germany with a billion-euro factory nearby plants owned by Volkswagen and BMW. Bloomberg reports Beijing WKW will invest as much as 1.13 billion euros ($1.24 billion) on an electric car factory in the eastern state of Saxony that will create over 1,000 new jobs, according to a statement by the regional government on Thursday. Saxony courted WKW to set up manufacturing in the state to produce “premium” electric cars, according to the statement. The Chinese company’s investment is occurring just as German carmakers gear up to boost production of electric vehicles. Saxony is already home to plants owned by Volkswagen and BMW. WKW will benefit from proximity to about 750 car part suppliers in the region, according to the statement.