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Port Elizabeth - Volkswagen (VW) on Wednesday announced plans to invest R3.3bn in South Africa by the middle of 2010. The money will be spent money on new technology and plants.
The announcement - which followed two years of planning - was made at the 2009 Automotive Industry Conference being held at South African Automotive Week in Port Elizabeth.
More details on the investment will be released in November, said VW head of communications Bill Stevens.
"This signals that the automotive industry does believe in the future, despite all the present challenges," said Dave Powels, president of the National Association of Automotive Manufacturers (Naamsa).
Earlier this week, BMW announced it would invest R2.2bn in South African car manufacturing facilities.
Both sets of news were welcomed by automotive industry players attending the conference, in the light of the hardship endured by the vehicle sector over the past 24 months.
South Africa's vehicle volumes have dropped 47% since 2006, according to Naamsa, mirroring similar trends abroad.
- Fin24.com