VW announces $650m investment in Argentina plant | 2017-11-12 | daily-sun.com

VW announces $650m investment in Argentina plant

    11th November, 2017 10:02:10 printer

BUENOS AIRES: German automaker Volkswagen on Friday announced a plan to invest $650 million in an Argentina plant where it will manufacture a new sport-utility vehicle, according to a statement released by the government.

Business-friendly President Mauricio Macri, who ushered Argentina out of recession in 2016, has encouraged foreign investment especially after his center-right coalition's wins in last month's midterm elections, reports AFP.

Production of the SUV is anticipated to begin in 2020.

In a televised statement Macri noted that one year ago the government, companies and unions agreed to produce on million cars per year.