2017.11.1921:06:00UTC+00Volkswagen to Allocate Massive Investment on Core Brand

Volkswagen will put a massive investment of 22.8 billion euros in its major car brand until 2022, it announced over the weekend, just a day after it unveiled a spending program with the goal of boosting position as a maker of electric automobiles.

Majority of the investment, estimated to be around 14 billion euros, will be allocated in Germany. This includes a 1 billion euro investment boost to transform the automaker's Zwickau plant into a facility that solely focuses on e-mobility.

CEO of the Volkswagen brand, Herbert Diess, said that the investment package has been adopted will give a solid boost to the biggest production and technology boost in the brand's history.

The investments announced on Saturday are part of the carmaker's 72 billion euro spending pan for the next five years that was unveiled on Friday.