German car giant Volkswagen said Monday that it plans to spend a total of 840 million euros ($1 billion) to boost manufacturing in Russia over the next three years.
A substantial part of the investment will go to expand the company's facilities in Kaluga and Nizhny Novgorod and buy new equipment, Volkswagen executive board member Michael Macht told a news conference.
The carmaker has already invested about 1 billion euros ($1.3 billion) in its local facilities, Macht said.
The planned additional investment includes 250 million euros on a new engine-making facility in Kaluga. Volkswagen aims to equip 30 percent of its locally made vehicles with engines produced at the plant.
Volkswagen Group sold 260,985 passenger and light commercial vehicles in Russia, up by 46 percent from a year earlier, according to the Association of European Businesses.
(MT)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
