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Madrid: VW guarantees investment
The Saudi Gazette Published in The Saudi Gazette on 10 - 10 - 2015


MADRID — German carmaker Volkswagen , grappling with a scandal over rigged emissions tests, has guaranteed a 4.2-billion euro ($4.8 billion) investment in Spain, Industry Minister Jose Manuel Soria said on Friday. “Yesterday I had a meeting in Germany with the chairman and he guaranteed the investments planned for Spain would be maintained,” Soria told La COPE national radio. VW, which has admitted to cheating in US diesel emission tests, pledged the multi-billion euro investment over five years for the SEAT brand factory in Martorell outside Barcelona — Spain's biggest car plant — and the VW brand factory in Navarra. VW is an important employer in Spain, representing around 22,000 jobs. Spanish assembly plants are winning new models and creating jobs in a country with one of the highest unemployment rates among developed countries. — Reuters

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