Volkswagen plans $7b investment
German car maker Volkswagen has said it will invest $7 billion (£4
billion) in North America over the next five years as it looks to boost
its sales in the region.
The firm will also launch a new sports utility vehicle (SUV) in the
US - one of its biggest markets - in 2016.
It also reiterated its goal of selling a million Volkswagens and
Audis - its luxury brand - in the US by 2018.
Volkswagen has set its sights on becoming the world's biggest car
maker by then.
It is currently the world's third-biggest manufacturer, behind
Japan's Toyota and US car maker General Motors.
"As a group, we will be investing over $7 billion in North America
over the next five years," said chief executive of Volkswagen, Martin
Winterkorn.
Volkswagen's plans to boost investment in the region come at a time
when the US car market has been recovering from the slump seen in the
years after the global financial crisis.
Analysts expect 2013 to be the best year for the US auto market since
2007, with annual sales expected to reach nearly 15.6 million units.
If that figure is met, it would mark a strong recovery from 2009,
when sales fell to 10.4 million.
BBC |