(News Bulletin 247) – Volkswagen has announced that it wants to invest one billion euros for its growth in South America. The group aims to make significant gains in South America with a major product offensive.

By 2027, the company expects 40% growth in Brazil, the region’s largest market. 15 new models of electric and flex-fuel vehicles will be launched by 2025. Hybrid vehicles will also follow in the medium term.

Before the end of 2023, the company will present its first fully electric models in Brazil – the Volkswagen ID.4. and the ID. buzz.

In total, the South American automotive market is expected to grow 11% per year through 2030, making it one of the fastest growing markets in the world.

Thomas Schäfer, Volkswagen Brand CEO said: ‘As a growing automotive market, South America is of strategic importance to Volkswagen. Over the past few years, the local team has achieved the turnaround and sustainably improved profitability and competitiveness. The task now is to continue working on the cost position while implementing the product offensive. To this end, we are investing €1 billion in South America by 2026.’

Copyright (c) 2023 News Bulletin 247. All rights reserved.