VW to Invest 51.6 Billion Euros Over Next Five Years

Volkswagen AG, Europe’s largest carmaker, will invest 51.6 billion euros ($71 billion) in the automotive business over the next five years to help reach a goal of surpassing Toyota Motor Corp. in sales and profit.

The 20-member supervisory board approved the outlays for plants, vehicles and developing the carmaker’s nine brands at a meeting today, Wolfsburg, Germany-based VW said in an e-mailed statement. The automaker’s Chinese joint ventures will spend an additional 10.6 billion euros through 2015, the carmaker said.

“We’re systematically pursuing the goals to further increase our profitability and to make VW the world’s most fit- for-the-future automotive group,” Chief Executive Officer Martin Winterkorn said in the statement.

Read Full Article from BusinessWeek

- Posted: 2010-11-19 10:10:47

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