Volkswagen will invest 22.8 billion euros ($26.9 billion) in its main car brand over the next five years, it said on Saturday, a day after it announced a spending programme aimed at bolstering its position as a maker of electric cars.
Most of that sum, around 14 billion euros, will be spent in Germany, Volkswagen said, adding that one of the key measures included a 1 billion euro injection to transform the carmaker`s Zwickau plant into a pure e-mobility facility.
"The investment package which has now been adopted will give a decisive boost to the largest product and technology offensive in the history of the brand," Herbert Diess, Chief Executive of the Volkswagen brand and a VW management board member, said.
Analysts see reviving the VW brand, which has long suffered from high staff and development costs, as crucial to the group`s ability to recover from a diesel emissions scandal that has gripped the carmaker.
The investments unveiled on Saturday are part of Volkswagen`s 72 billion euro spending plan for the 2018-2022 period that was announced on Friday.
($1 = 0.8480 euros)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
04:21 PM IST