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VW plans to invest in Brazil
By George Frey |
November 28, 2009, Saturday
|
Print Edition
Print Edition
GERMANY'S Volkswagen AG yesterday announced plans to invest 2.3 billion euros (US$3.5 billion) in Brazil and said it hopes to be building a million vehicles a year in the country by 2014.
VW said the planned investment through 2014 is aimed at increasing production capacity and developing new models. It expects to produce some 800,000 vehicles in the South American country this year.
VW, based in Wolfsburg and Europe's biggest auto maker, said it will expand output capacity at its Anchieta and Taubate vehicle production plants and at an engine plant in Sao Carlos.
Brazil is the company's third-largest market after China and Germany. VW said deliveries to Brazilian customers have risen by 70 percent since 2005 to reach 585,000 vehicles last year.
"The Volkswagen group will strengthen its leading competitive position in Brazil over the long term with these investments," Chief Executive Martin Winterkorn said.
"Brazil is one of our most important growth markets worldwide," he added. "We expect demand there to rise significantly over the coming years, and we are now systematically adjusting our manufacturing capacity."
VW said last week that it would invest nearly 30 billion euros globally to upgrade its operations and to modernize and expand its product range over several years.
VW said the planned investment through 2014 is aimed at increasing production capacity and developing new models. It expects to produce some 800,000 vehicles in the South American country this year.
VW, based in Wolfsburg and Europe's biggest auto maker, said it will expand output capacity at its Anchieta and Taubate vehicle production plants and at an engine plant in Sao Carlos.
Brazil is the company's third-largest market after China and Germany. VW said deliveries to Brazilian customers have risen by 70 percent since 2005 to reach 585,000 vehicles last year.
"The Volkswagen group will strengthen its leading competitive position in Brazil over the long term with these investments," Chief Executive Martin Winterkorn said.
"Brazil is one of our most important growth markets worldwide," he added. "We expect demand there to rise significantly over the coming years, and we are now systematically adjusting our manufacturing capacity."
VW said last week that it would invest nearly 30 billion euros globally to upgrade its operations and to modernize and expand its product range over several years.
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