Volkswagen to double investment in Slovakia in five years

10th February 2011, Comments 0 comments

German auto giant Volkswagen said Thursday it would double its investment in Slovakia to a billion euros (1.36 billion dollars) in the next five years.

"In the coming five years, the company will double its investment compared to the past five years," Andreas Tostmann, head of VW Slovakia, said in a press release.

He added that Volkswagen would "focus on new technologies, boost production at its car plant in Bratislava and components plant in Martin," northern Slovakia.

Volkswagen said earlier it expected to launch production of its new small family car line at its Bratislava plant this year.

The company's output in Slovakia fell by 44 percent in 2009 due to low demand for expensive SUV models produced here amid the global economic slump.

But as the economy recovered in 2010, Volkswagen increased output over the first six months by 43 percent compared to the previous year.

The figures for the whole of 2010 are expected early in March.

Volkswagen Slovakia, which began production in 1991, exports nearly all its output, mostly to Germany and China.

© 2011 AFP

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