April 21, 2024

Volkswagen announces second phase of Mexico investment of around $1 billion

MEXICO CITY (Reuters) -Volkswagen’s Mexican unit announced on Friday an investment of around $1 billion, in a second installment of spending by the German automaker aimed at boosting its electric vehicle (EV)business at its existing operations in central Mexico.

In a statement, the company did not offer further details on what kind of EV production it will undertake at its sprawling complex in central Puebla state.

Volkswagen’s latest investment in its Mexican operations follows a $763.5 million plan announced in late 2022.

The earlier investment plan for Volkswagen’s Puebla facilities, among Volkswagen’s largest globally, was aimed at building a new paint plant as well as to start a new production line.

The company has made its Jetta, Taos and Tiguan models at its Puebla complex.

Since 2016, Volkswagen unit Audi has also made the Audi Q5, a compact SUV, at the same complex, and later added a hybrid version.

(Reporting by Daina Beth Solomon and Valentine Hilaire; Editing by David Alire Garcia)

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