Volkswagen (VLKAF.PK) said that it will invest a total of 2.3 billion euros in new products and manufacturing capacity expansion in Brazil between 2009 and 2014.
"Our target is to sell one million vehicles per year in Brazil by 2014, thus making an important contribution to the success of the Group's Strategy 2018," said Thomas Schmall, CEO Volkswagen do Brasil.
The sum of 2.3 billion euros has been earmarked for investment in developing new products and in expanding capacity in Anchietá, Taubaté and the engine plant in São Carlos. Deliveries to customers by Volkswagen do Brasil have risen by 70 percent since 2005 to 585,000 units in 2008. Local production will total some 800,000 vehicles this year, the company said.
The company said that Volkswagen brand is launching 26 product innovations in Brazil during this year and next year under its product initiative. The new Cross Fox will debut at the end of November.
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