VW to invest extra €1.6 billion in China
VW says it is is adding €1.6 billion to its current investment programme for China, which will be earmarked for new models and additional capacities. The latest funds brings the company's investment in China to a total of €6 billion, which VW says will be used to 'maintain and reinforce its leading position on one of the key sales markets of the automobile industry'.
'Growth in the Chinese automobile market has exceeded everyone's expectations,' said CEO Dr Martin Winterkorn. ''The Volkswagen Group is already extremely well-positioned on this market of the future with an attractive product range. These additional investments will lay the foundations for a successful future for the Volkswagen Group in China.'
In 2010, the Volkswagen Group will be bring a total of seven new locally produced models to the Chinese market, including the new Golf GTI and Tiguan LWB as well as the updated versions of the Jetta A2 and Skoda Octavia.
In the first quarter of 2010, the Volkswagen Group delivered a total of 457,259 vehicles to customers in China and Hong Kong, up by 60.9% on the total of 284,146 for the same period in 2009.For more of the latest industry news, click here.