Volkswagen to Invest EUR22.8 Billion World-Wide From 2018 to 2022
November 20 2017 - 2:07AM
Dow Jones News
By Marc Bisbal Arias
Volkswagen AG (VOW.XE) said Monday that it will invest 22.8
billion euros ($26.8 billion) in the future viability of its plants
from 2018 to 2022.
The main focus of the investments, which are part of the
company's Transform 2025+ strategy, will be on the further
development of modular production, the continuation of model
production and further efforts on electric vehicles.
Germany will see the lion's share of the investment with EUR14
billion to be invested in the country, Volkswagen said. As part of
the program around EUR1 billion will be invested to transform the
Zwickau plant into a solely electric vehicle facility.
The Volkswagen I.D., the first vehicle in a new generation of
electric automobiles, is expected to be launched in 2020 with
production of around 100,000 unit, it said.
The company said that the new vehicle generation will be
launched at around the same time in Europe, China and the U.S.
Production of the Volkswagen Golf and Passat in Zwickau will be
relocated to Wolfsburg and Emden, Volkswagen said, where
investments will be EUR2.9 billion and EUR1.1 billion
respectively.
Regarding the company's components plants in Germany,
investments will come at more than EUR750 million in Brunswick,
around EUR1.5 billion in Kassel and more than EUR800 million in
Emden, Volkswagen said.
"The investment package which has now been adopted will give a
decisive boost to the largest product and technology offensive in
the history of the brand. It is our objective to position
Volkswagen sustainably in the lead in the volume segments and to
take up a leading position in e-mobility," Chief Executive Herbert
Diess said.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
November 20, 2017 01:52 ET (06:52 GMT)
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