Business News

VW unveils 25.8-billion-euro investment plan

Nov 20, 2009, 12:19 GMT

Berlin - Europe's biggest carmaker Volkswagen AG on Friday unveiled a 25.8-billion-euro (38.2-billion-dollar) investment plan in the coming three years. The move came as the group also said it was acquiring the insolvent German auto parts group Karmann. The announcement by German-based VW came after group's supervisory board moved to pave the way for its planned takeover of the luxury sportscar maker Porsche. VW said in a statement that its board had signed off on Thursday the contracts setting out details of the two carmakers' tie-up. Under the deal, Stuttgart-based Porsche's core sports car operations are to be integrated into VW as its 10th brand. Announcing its move to takeover Karmann, VW said it plans for form a new subsidiary. Of the 25.8-billion-euro investment plan, investments in property, plant and equipment will account for 19.9 billion, half of which will be invested in Germany alone, VW said.

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VW unveils 25.8-billion-euro investment plan

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