Volkswagen has unveiled its new Jetta sedan at the Detroit auto show with plans to invest $3.3 billion in North America over the next three years as is aims to boost market share.
Some $1.2 billion will go toward projects in the U.S. as the Volkswagen brand works to break-even in terms of operating profits in North America by 2020, officials said today.
The new Jetta is a key element of Volkswagen's brand campaign along with the Chattanooga-built Atlas SUV, the all-new Tiguan SUV and refreshed, longer range e-Golf2, officials said.
Also, an all-new Chattanooga-made Passat sedan will be launched in 2019, according to the German automaker that employs about 3,450 people at its Enterprise South industrial park production plant.
"By 2020, we will offer at least two new U.S. models annually, covering key segments in the United States," said Dr. Herbert Diess, chief executive of the Volkswagen brand worldwide, in a statement.
North America contributed to the overall delivery record of the Volkswagen brand in 2017 with around 592,000 units sold in the region, up 1.9 percent over 2016, the company reported.
Worldwide, 6.23 million Volkswagen passenger cars were delivered to customers in 2017, 250,000 vehicles more than in the previous year.
Hinrich Woebcken, CEO of Volkswagen North America, said the automaker made "significant progress towards the comeback of the Volkswagen brand in the U.S. in 2017."
The first of a family of full battery electric vehicles will be added starting in 2020, according to VW. The first model to go on sale in America will be an SUV.