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No Slowdown for VW Investment in China
Volkswagen AG’s previously announced plan to invest €22 billion ($24.2 billion) in China over five years won’t be affected by sweeping budget cuts elsewhere as the company braces for the impact of its diesel emission scandal, Bloomberg News reports.
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Volkswagen AG’s previously announced plan to invest €22 billion ($24.2 billion) in China over five years won’t be affected by sweeping budget cuts elsewhere as the company braces for the impact of its diesel emission scandal, Bloomberg News reports.
VW’s spending spree aims to introduce 30 new models, update 70% of the company’s current lineup and hike annual sales volume in China by two-thirds to at least 3 million units.
The company is preparing for massive costs of fixing 11 million diesel-powered vehicles it rigged to cheat government emission tests. VW has set aside €6.7 billion ($7.4 billion) for repairs, regulatory fines and lawsuit settlements. But analysts say the exposure could easily be at least three times that amount.
Only 2,000 of the affected diesels are in China. The company’s big product push there comes as the domestic market has stalled and appears unlikely to return to its recent 15%-plus expansionary pace anytime soon.
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