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Volkswagen to invest $27 billion in core brand until 2022

 

 

Most of that sum, around 14 billion euros, will be spent in Germany, Volkswagen said, adding that one of the key measures included a 1 billion euro injection to transform the carmaker’s Zwickau plant into a pure e-mobility facility.

 

“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,” Herbert Diess, Chief Executive of the Volkswagen brand and a VW management board member, said.

 

Analysts see reviving the VW brand, which has long suffered from high staff and development costs, as crucial to the group’s ability to recover from a diesel emissions scandal that has gripped the carmaker. [nL8N1N51ST]

 

The investments unveiled on Saturday are part of Volkswagen’s 72 billion euro spending plan for the 2018-2022 period that was announced on Friday. [nL8N1NN3IV]

 

($1 = 0.8480 euros)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source: bbc.com

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