The Volkswagen Group will invest $113 billion through 2018 in its drive to become the world’s biggest automaker, the company said today.
Over two-thirds of the investment will flow into efficient vehicles, drives and technologies, as well as environmentally friendly production, the company said in a statement after a meeting of its 20-member supervisory board.
No figures were given about investment in the United States, and there was no mention about a potential new sport utility vehicle for North America. An announcement about whether to build a new SUV in VW’s Chattanooga plant or in Mexico could come before the end of the year, officials have said.
Chattanooga is considered the frontrunner for the project.
More than half of the VW investments in property, plants and equipment will be made in Germany, the company said.
“We will continue to invest strongly in our innovation and technology leadership, despite the uncertain economic environment. This will once again significantly boost the group’s competitiveness and safeguard its future. I am convinced that this will give us extra power on our way to the top,” said Martin Winterkorn, VW’s chief executive.
See more in Saturday’s Times Free Press.
Mike Pare, the deputy Business editor at the Chattanooga Times Free Press, has worked at the paper for 27 years. In addition to editing, Mike also writes Business stories and covers Volkswagen, economic development and manufacturing in Chattanooga and the surrounding area. In the past he also has covered higher education. Mike, a native of Fort Lauderdale, Fla., received a bachelor’s degree in communications from Florida Atlantic University. he worked at the Rome News-Tribune before ...