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VW to inject 2.4 billion euros in China by 2010
Shanghai. March 19 (Gasgoo.com) – As part of its 20-billion-eruo global investment plan, German automaker Volkswagen AG will invest 2.4 billion euros to develop new products and increase the production output in China by the end of 2010, China Auto News reported today.
Of the 2.4 billion euros VW will invest in Chinese market, 70 percent will be funded to develop new products, said Dr. Winfried Vahland, president and CEO of Volkswagen Group China, adding that another 500 million euros will be used to develop power train system and the reminder will be funneled to boost output capacity.
Vahland made the remarks at VW's annual media conference in Wolfsburg last Thursday.
VW group sold a company record of almost 6.2 million cars worldwide in 2007, with the profit up 50 percent. The company plans to offer more than 20 new models in the next three years, aiming to boost sales to eight million vehicles in 2011 and close the gap with Toyota.
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