Volkswagen Announces Plans To Invest $70 Billion Over 5 Years

Published by: Mike Goldman on 19th Nov 2010 | View all blogs by Mike Goldman

Volkswagen Announces Plans To Invest $70 Billion Over 5 Years

Volkswagen AG announced on Friday it plans to invest the equivalent of $70.6 billion over the next five years, most of which will go to updating the German automaker's manufacturing plants and equipment.

The company's CEO Martin Winterkorn explained that the investment will be key in achieving a number of growth targets included in Volkswagen's long-term plan to supplant Toyota as the world's largest carmaker. “We want to make Volkswagen the world’s most future-proof automotive group,” Winterkorn said in a statement.

The automaker's stock surged more than 1 percent in Frankfurt while the majority of automotive stocks suffered small declines in Friday trading.

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