VW to invest over $60 billion in drive to be top automaker |
| Reuters - Nov 23, 2012 |
Volkswagen AG (VOWG_p.DE) has earmarked 50.2 billion euros ($64.7 billion) of investments over the coming three years as it accelerates plans designed to help it become the world's largest car maker by the end of the decade.
As the company strives to replace Toyota Motor Corp (7203.T) as the No.1 auto maker globally, it is expanding its presence outside Europe, building or planning new factories in markets such as China, Mexico and Russia.
It is also stepping up investments in products and technology to consolidate its lead over stricken western European peers, which have slowed or shelved whole programs, engine technologies and platform revamps while grappling with high costs in a shrinking European market.
"Despite the challenging economic environment, we are investing more than ever before to reach our long-term goals," the German group's Chief Executive Martin Winterkorn said in a statement on Friday.
Read Full Article from Reuters
- Posted: 2012-11-23 15:35:20
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