Volkswagen to invest 1 billion euros in Slovakia

Article by Christian A., on February 14, 2011

Volkswagen AG’s Slovak unit recently said that the company plans to invest EUR1 billion ($1.4 billion) in Slovakia in the next five years to boost car and parts production. The Slovak unit CEO, Andreas Tostmann, said the focus will be on new production technologies and increasing car production in the Bratislava assembly plant and car-parts production in the Martin factory.

One of the biggest exporters and investors in Slovakia, VW has invested more than EUR1.7 billion in the country over the past 20 years.

An export-reliant country, Slovakia has introduced structural market reforms over the past decade and attracted billions of euros of foreign direct investment, helping to make it one of the European Union's fastest growing economies. The VW plant near Bratislava produces SUV models, the Volkswagen Touareg, parts of the Porsche Cayenne, and Audi Q7.

Production of a new small family car is expected to begin later in 2011. The car industry, including units of VW, PSA/Peugeot-Citroen and Kia Motors, is a key driver of the EUR63 billion Slovak economy, which is expected to grow by around 4 percent in 2010 after shrinking in 2009.

Vladimir Vano, a senior Volksbank analyst, said that Slovakia is a “unique” destination for foreign investment and also that it has a strong position in terms of car production per capita in Europe. VW made 106,000 cars in Slovakia in 2009, down from 188,000 units the previous year. [via autonews - sub. required]

If you liked the article, share on:

Comments

Recommended

In September 27, 2016, Porsche initially filed for a patent that is the “Unique Active Rear Diffuser”. And earlier this week, on April 27, 2017, the United States Patent and...
by - April 29, 2017
The Insurance Institute for Highway Safety (IIHS) has given its Top Safety Pick+ award to the redesigned version of the 2017 Kia Cadenza. This was a result of excellent a...
by - April 29, 2017
It’s pretty neat if you possess something of an extraordinary breed like, say, the Pagani Huayra. There are after all just a total of 100 units ever been built by...
by - April 28, 2017
If you’ve ever visited an arcade, chances are you have already seen a Logitech G920 wheel. If that doesn’t ring a bell, it’s the steering wheel that you use when...
by - April 28, 2017
Toyota Motor Corporation disclosed that it will be bringing two of its Mirai fuel cell vehicles to China by October of this year. Tests will then be conducted on these...
by - April 28, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries