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Volkswagen to invest 1 billion euros in India

Staff Writer |
German automaker Volkswagen Group announced that it would invest 1 billion euros ($1.16 billio) in India to expand its business in the Indian market.

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According to the report, Volkswagen had given its Czech budget subsidiary Skoda the responsibility for the Indian market.

Skoda said it aimed for a market share of five percent by 2025, according to a report by German media Spiel Online.

"Volkswagen has struggled in recent years to achieve its growth targets in India," Skoda Auto chief executive Bernhard Maier told reporters.

Up to 90 percent of Skoda models for India should be built there, according to Maier.

Media reports show that the Volkswagen brand sold 45,000 units in India last year, with a market share of about 1.4 percent.

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