VW says it will invest 4.0 bln euros in ChinaEurope's biggest automaker Volkswagen “VW” redirects here. For the airline using IATA designator VW, see Aeromar.
Volkswagen AG (ISIN: DE0007664005), or VW, is an automobile manufacturer based in Wolfsburg, Germany. said on Friday Friday: see Sabbath; week.
young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe]
See : Servant it planned to invest 4.0 billion euros (5.8 billion dollars) to boost its presence in China over the next three years.
VW said that the money would be invested in new products and in increasing its manufacturing capacity, with production at its Nanjing Nanjing (nän`jĭng`) or Nanking (năn`kĭng`) [southern capital], city (1994 est. pop. 2,224,200), capital of Jiangsu prov., E central China, in a bend of the Chang (Yangtze) River. plant set to increase to 300,000 units per year and at Chengdu Chengdu (chŭng-d) or Chengtu, city (1994 est. pop. 1,932,800), capital of Sichuan prov., SW China, on the Min River. to 350,000 by 2012.
"China is one of Volkswagen's most important markets worldwide," chief executive Martin Winterkorn Martin Winterkorn (born May 24, 1947 in Leonberg, Germany) is the chairman of Volkswagen AG and Scania AB. He succeeded Bernd Pischetsrieder as chairman of Volkswagen AG on January 1, 2007. Prior to that, he had been the CEO of Volkswagen's Audi brand. said in a statement.
"Demand for our products is growing so fast that our capacity is no longer sufficient."
"We expect to achieve double-digit growth in China this year and to secure our market leadership going forward," said Winfried Vahland, head of Volkswagen China.
He added that VW was "well on the way" to meeting its target of doubling its yearly vehicle sales in China to two million units per year sooner than its original 2018 target.
In the first six months of 2009, VW sold 650,000 vehicles in China, 22.7 percent more than in the year-earlier period, it said.