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Volkswagen Announces 29-billion-Euro Investment

Volkswagen has readily disclosed its supervisory board’s approval of the company’s three-year investment amounting to 28.9 billion Euros or equivalent to 42 billion dollars.

In a statement, Chief Executive Officer Martin Winterkorn was quoted as saying that the said money will be allocated partly for the conceptualization and development of new models and various innovative technologies, as well as further stating that the budget would also involve the new plants in India and Russia.

Pertaining to specific figures, an estimated 20.9 billion euros will be placed in Volkswagen property, plants, and equipment, wherein more than half of which will be spent and used in Germany. At the same time, 13.8 billion euros from the total will be duly spent on the modernization and further developments of the product lineup.

The statement discloses: “The main focus will be on new vehicles, successor models and derivatives in virtually all vehicle classes. The company will systematically continue its model initiative so as to develop new markets and new segments.”

This entry was posted on Friday, November 23rd, 2007 at 3:30 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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