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VW unveils big spending plan
Source: Bloomberg News |
September 17, 2011, Saturday
|
Print Edition
Print Edition
VOLKSWAGEN AG will invest a record 62.4 billion euros (US$86.1 billion) over the next five years to underpin its goal of becoming the world's largest carmaker.
The supervisory board voted yesterday to approve the spending on plants, vehicles and research and development for its nine brands, the Wolfsburg, Germany-based company said in a statement. VW's Chinese joint ventures, which are not consolidated, will invest another 14 billion euros through 2016.
VW is expanding in China, its largest market, as part of a broader plan to leapfrog Toyota Motor Corp and General Motors Co and become the world's biggest carmaker by 2018. The effort hit two roadblocks in the past week as a merger with Porsche SE planned for this year was delayed and Suzuki Motor Corp said it wants to dissolve its 20-month-old alliance.
Chief Executive Martin Winterkorn said this week that the German manufacturer, which operates 62 factories globally, is mulling additional plants in China. VW has already announced plans to add two more Chinese production facilities, bringing its total to 11.
VW could sell more than 2.4 million vehicles in China, the world's biggest market, this year, he said at the International Motor Show in Frankfurt.
The supervisory board voted yesterday to approve the spending on plants, vehicles and research and development for its nine brands, the Wolfsburg, Germany-based company said in a statement. VW's Chinese joint ventures, which are not consolidated, will invest another 14 billion euros through 2016.
VW is expanding in China, its largest market, as part of a broader plan to leapfrog Toyota Motor Corp and General Motors Co and become the world's biggest carmaker by 2018. The effort hit two roadblocks in the past week as a merger with Porsche SE planned for this year was delayed and Suzuki Motor Corp said it wants to dissolve its 20-month-old alliance.
Chief Executive Martin Winterkorn said this week that the German manufacturer, which operates 62 factories globally, is mulling additional plants in China. VW has already announced plans to add two more Chinese production facilities, bringing its total to 11.
VW could sell more than 2.4 million vehicles in China, the world's biggest market, this year, he said at the International Motor Show in Frankfurt.
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