Volkswagen to reinvest $14 bln to boost production, capacity in China

• Source: Global Times
• [15:27 December 02 2010]
• Comments

Volkswagen AG will reinvest 92.2 billion yuan ($14 billion) in increasing production and capacity in China from 2011 to 2015 in a bid to introduce more new models, according to the company's plan made public on Wednesday.

The group will invest a total of $68 billion in its auto business globally in the next five years, which excludes China. An employee with Volkswagen China said that all future investments in China will come from joint ventures -Shanghai Volkswagen and FAW-Volkswagen.

Some insiders with Volkswagen AG said that the company plans to surpass Toyota to become the world's best-selling auto maker.