Most of that sum will be spent in Germany, Volkswagen said, adding that one of the steps included a 1 billion euro injection to transform the carmaker’s Zwickau plant into a pure centre.
“The investment package which has now been adopted will give a decisive boost to the largest product and technologies offensive in the history of the brand,” Herbert Diess, Chief Executive of the Volkswagen brand and a VW management board member, said.
Published at Sat, 18 Nov 2017 12:10:56 +0000
Analysts see reviving the VW brand, which has suffered from high staff and development expenses, as critical to the group’s ability to recoup from a emissions scandal that has gripped the carmaker. [nL8N1N51ST]
FRANKFURT (Reuters) – Volkswagen (VOWG_p. DE) will invest 22.8 billion euros ($26.9 billion) in its main automobile brand over the next five years, it said on Saturday, a day after it announced a spending program aimed at bolstering its position as a manufacturer of electric automobiles.
The investments unveiled on Saturday are a part of the 72 billion euro spending plan of Volkswagen. [nL8N1NN3IV]
Reporting by Christoph Steitz and Jan Schwartz; Editing by Hugh Lawson