Volkswagen increased its investment budget for China by €1.6bn ($2.1bn) yesterday, in a move to keep up with rapidly growing demand in the German carmaker's single biggest market.
Europe's largest carmaker said the additional money, mostly earmarked for two new plants, would bring its total investment fund for the next three years for China to €6bn.
“The Volkswagen Group is convinced that these investments will maintain our market leadership in China,” said Martin Winterkorn, VW chief executive.
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