Volkswagen has announced plans to invest 62.4 billion euros (around $83 billion) into its global operations as it intensifies its push to overtake Toyota and General Motors as the world's biggest car manufacturer.
As part of plans to become the world's largest car manufacturer, Volkswagen recently announced it would invest 62.4 billion euros over the next five years. Financial support will be injected into production facilities as well as vehicle research and development in each of Volkswagen Group's nine car brands. Prof Dr Martin Winterkorn, CEO of Volkswagen AG, recently announced,
"The Volkswagen Group is investing a record amount in forward-looking projects to achieve its goal of becoming the world’s best automobile manufacturer in economic and ecological terms."“We shall continue to extend our innovation and technology leadership. Top of the agenda for us are investments in environmentally friendly, sustainable models and drives.”
As part of the plan, Volkswagen is also aiming to open up new production facilities, including two in China. This will add upon the already existing 62 production plants that are currently set up around the world.
Last year, Volkswagen sold a compnay record of 7.2 million cars globally. This year, it predicts a further increase of five per cent with the help of a new plant which opened up in Chattanooga, Tennessee, US - Volkswagen's second-biggest market.
What do you think? Will Volkswagen take over GM and Toyota in the near future?