Volkswagen to make added investments in United States, CFO says at Davos

DAVOS, Switzerland (Reuters) – Volkswagen (ETR:VOWG_p) will need to make additional investments in the United States to hit its target of doubling market share in the country, its CFO Arno Antlitz said on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland on Thursday.

“We need additional initiatives … to double market share, you have to be even more local,” Antlitz said when asked whether the carmaker has plans to expand its U.S. plant in Chattanooga, Tennessee.

“We are strong in Europe, but we need to do more ‘value-added’ in the U.S.,” Antlitz said, listing research and development as a potential area to invest. “But we have to decide on the project first,” he added, declining to give further details.