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in Next Three Years,Volkswagen to Invest Eur50bn

increase font size  reduce font Add date: 2016-11-30  Hits:35
Core prompt: German carmaker Volkswagen is planning to invest about EUR50.2bn in its global automotive division and development of new technologies thr

German carmaker Volkswagen is planning to invest about EUR50.2bn in its global automotive division and development of new technologies through 2015 in a bid to meet the challenges of the uncertain European market.

Volkswagen Board of Management chairman Dr. Martin Winterkorn said that regardless of the challenging economic environment, the investment is aimed at achieving the firm's long-term goals.

"This investment is the key to the Volkswagen Group's innovation and technology leadership," Winterkorn said.

"It enables us to further strengthen our competitive position and ensure that we are fit for the future."

Of the total investment, the firm will spend EUR39.2bn in property, plant and equipment, half of which will be invested in Germany.

"In this way, we are laying the foundations to ensure that our 27 German production facilities remain at the forefront of innovation and international competitiveness," Winterkorn said.

The carmaker is also planning to invest about EUR10.6bn in capitalised developments including construction of new plants, unveiling of new models and creation of alternative drives.

Volkswagen Group Works Council chairman Bernd Osterloh said continued high levels of investment will assist the firm in facing future challenges both in terms of products and production procedures.

"The investment planning agreed upon also represents a clear commitment to securing jobs and employment at Volkswagen, particularly in light of the difficult conditions seen in the automotive industry," Osterloh said.

"We are also investing in securing our proven flexible production network between plants.

"This enables flexible production of different volumes and products at our locations to meet market requirements."

The investment will also be focussed on development of new vehicles, derivatives and successor models in all vehicle versions, based on the modular toolkit technology and related components, including the development of new MAN trucks.

As part of its plans, the firm is also plannig to manufacture and introduce new engines aimed at offering enhanced performance, fuel consumption and emission levels and especially, the firm will continue to carry on the development of hybrid and electric motors.

In addition, about EUR14.5bn will be invested for expanding manufacturing capacity, including a new vehicle production facility for Audi in Mexico, the expansion of Porsche's Leipzig plant, along with the improved production of automatic gearboxes.

Volkswagen's Chinese joint ventures will invest about EUR9.8bn in new production plants and products through 2015.


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