Volkswagen to invest 62.4 billion Euros within five years
The VW Group announced today that it will invest 62.4 billion Euros within five years in order to overtake GM, Toyota and become world’s largest automaker. This amount of investment is easily a record amount by any standard and it will be spent on manufacturing plants, new vehicles and research and development for nine of its brands such as Audi, Skoda, Seat, Bentley and the core VW brand. Also, VW will not be pursuing further acquisitions, according to Chairman Ferdinand Piech. Volkswagen’s Chinese joint ventures, Shanghai-Volkswagen Automotive and FAW-Volkswagen Automotive will invest an additional 14 billion euros through 2016. Volkswagen, which owns 62 factories around the world, is also looking at adding on additional plants in China.
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