Volkswagen to spend $343 million on South African factory revamp
Most of the money would be used to revamp its factory in Uitenhage in Eastern Cape province to produce new models, Thomas Schaefer, head of Volkswagen's South African unit, said.
VW has been pushing for greater scale under chief executive officer Martin Winterkorn's eight-year reign, propelled by adding brands and factories and roaring sales in China.
VW is the second-biggest auto maker by sales in South Africa after Toyota. Its vehicles are sold domestically as well as exported to the rest of Africa.
Other manufacturers in the country include Ford Motor Co., BMW and General Motors. ■