Updated February 17th, 2024 at 15:13 IST

Volkswagen announces second phase of Mexico investment of $1 bn

Volkswagen's latest investment in its Mexican operations follows a $763.5 million plan announced in late 2022.

Reported by: Business Desk
Volkswagen announces second phase of Mexico investment of $1 bn | Image:Volkswagen
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VW's Mexico plans: Volkswagen's (VWs) Mexican unit is poised to invest around $1 billion, in a second installment of spending by the German automaker aimed at boosting its electric vehicle (EV) business at its existing operations in central Mexico.

In a statement, the company did not offer further details on what kind of EV production it will undertake at its sprawling complex in central Puebla state.

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Volkswagen's latest investment in its Mexican operations follows a $763.5 million plan announced in late 2022.

The earlier investment plan for Volkswagen's Puebla facilities, among Volkswagen's largest globally, was aimed at building a new paint plant as well as to start a new production line.

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The company has made its Jetta, Taos and Tiguan models at its Puebla complex.

Since 2016, Volkswagen unit Audi has also made the Audi Q5, a compact SUV, at the same complex, and later added a hybrid version.

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Published February 17th, 2024 at 15:05 IST