Volkswagen (OTCPK:VLKAY) plans to spend more than $3.3B on development and production of new models in North America from 2018 to 2020 as the German group reboots operations following its Dieselgate scandal.
"We want to grow from a niche player to a truly relevant brand in the U.S.," said Hinrich Woebcken, chief executive of VW’s North America business.
It comes as VW's core autos division increased vehicle sales to a record 6.23M cars last year, as rising demand for models in the Americas and China offset a decline in western Europe.
Now read: BMW Will Be The First To Go »
Subscribe for full text news in your inbox