VW to invest 76.4 bn euros over next four years

16th September 2011, Comments 0 comments

German auto giant Volkswagen unveiled Friday a gigantic 76.4-billion-euro ($98-billion) investment programme as part of its ambition to become the world's biggest car maker by 2018.

The sum represents total investment between 2012 and 2016, with the German group accounting for 62.4 billion euros and its joint ventures in China for the rest, VW said in a statement.

The cash has been earmarked for investment in new models, new production plants and environmentally friendly technologies.

VW publishes a five-year investment plan every year and for the period from 2011-2015 it had earmarked a total 51.6 billion euros.

"Our priority is investment in models and clean engines," said chief executive Martin Winterkorn.

© 2011 AFP

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