VW to Invest $39 Billion in Three Years

Most of the funds will be allotted to production and equipment sites.

Volkswagen said on Nov. 20 it would invest about 25.8 billion euros (US$39 billion) in factories, materials and vehicle types by the end of 2012.

Volkswagen, the biggest auto manufacturer in Europe, made the announcement during a meeting of its supervisory board.

Most of the funds, 19.9 billion euros, will be allotted to production and equipment sites.

The company said it wanted to "modernize and expand its product line" and to enter "new markets and sectors."

Volkswagen also plans to invest 4.4 billion euros in China by the end of 2012 through joint ventures.

VW's goal is to overtake the number one auto maker, Toyota of Japan, by 2018.

Copyright Agence France-Presse, 2009

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