By Labutes IR:Volkswagen AG (VLKAY.PK) is one of the world's largest automobile manufacturers and the largest in Europe. Given its large size and global footprint, it faces competition virtually from almost every carmaker in the world.
Volkswagen AG, Europe’s largest automaker, will maintain a high level of spending on developing new vehicles and upgrading factories over the coming five years to underpin its bid to become the world’s largest automaker.
VW plans to invest 84.2 billion euros (US$114 billion) through 2018, the Wolfsburg, Germany-based company said today in a statement. The plan calls for a reduction in average annual spending on property, plants and equipment of about 500 million euros a year, compared with its previous budget.