Volkswagen is looking to nearly double its sales in
the US by 2018
German carmaker Volkswagen has said
it will invest $7bn (£4bn) in North America over the next five years as it looks
to boost its sales in the region.
The firm will also launch a new sports utility vehicle (SUV) in the US - one
of its biggest markets - in 2016.
It also reiterated its goal of selling a million Volkswagens and Audis - its
luxury brand - in the US by 2018.
Volkswagen has set its sights on becoming the world's biggest carmaker by
then.
It is currently the world's third-biggest manufacturer, behind Japan's Toyota
and US carmaker General Motors.
"As a group, we will be investing over $7bn in North America over the next
five years," said Martin Winterkorn, chief executive of Volkswagen.
Robust growth
Volkswagen's plans to boost investment in the region come at a time when the
US car market has been recovering from the slump seen in the years after the
global financial crisis.
Analysts expect 2013 to be the best year for the US auto market since 2007,
with total annual sales expected to reach nearly 15.6 million units.
If that figure is met, it would mark a strong recovery from 2009, when sales
fell to 10.4 million.
Global carmakers, including Volkswagen, have benefited from the continuing
recovery.
Last week, Volkswagen reported record sales for its luxury brands - Audi,
Porsche and Bentley - in 2013.
A rise in deliveries in the US market was a key contributor to their sales
during the period.
Audi's sales jumped 13.5% in the US during the period, from a year ago, while
Porsche saw growth of 21% and Bentley deliveries rose 28%.
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