FRANKFURT (Reuters) – Volkswagen (VOWG_p.DE) will invest 22.eight billion euros ($26.nine billion) in its primary automobile brand over the following 5 years, it mentioned on Saturday, an afternoon after it introduced a spending program aimed at bolstering its place as a maker automobiles.
Most of that sum, round 14 billion euros, might be spent in Germany, Volkswagen mentioned, at the side of that probably the most an important key measures built-in a 1 billion euro injection to change into the carmaker’s Zwickau plant right kind proper right into a natural 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 keep watch over board member, mentioned.
Analysts see reviving the VW brand, which has lengthy suffered from perfect group of workers and building prices, as an important to the gang’s talent to get well from a diesel emissions scandal that has gripped the carmaker. [nL8N1N51ST]
The investments unveiled on Saturday are a part of Volkswagen’s 72 billion euro spending plan for the 2018-2022 duration that used to be once introduced on Friday. [nL8N1NN3IV]
($1 = zero.8480 euros)
Reporting by means of Christoph Steitz and Jan Schwartz; Editing by means of Hugh Lawson
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