VW to pump $7B into North America

|By:, SA News Editor

Volkswagen (VLKAF) intends to invest $7B over five years in North America, including using the money to build a new factory, although it hasn't yet decided on a location.

VW also intends to design a seven-seater sport utility vehicle specifically for the region as it looks to increase overall U.S. sales to 1M units from 600,000 in 2013.

The VW brand has enjoyed fast growth in the U.S. in recent years, although sales fell last year despite an increase in the overall sector.