The German Volkswagen Group will invest about $ 800 million in Argentina, including for the production of a new model SUV at the company’s Pachico plant.
Volkswagen will allocate about $ 650 million to produce its new Tarek model. This came, the group announced, Monday, after Andreas Tostman, production manager of Volkswagen, and Palbo DC, president of Volkswagen in Latin America, met Argentine President Alberto Fernandez in Berlin.
Volkswagen will also allocate another $ 150 million to produce a new engine for the European market at the company’s plant in the Argentine city of Cordoba.
It is reported that the Argentine President is currently visiting Germany, where he will hold a meeting with Chancellor Angela Merkel.
The current government in Argentina, which has ruled since mid-December 2019, is fighting an economic crisis characterized by high debt and high inflation.
Volkswagen has been operating in Argentina for 40 years and has more than 5,000 employees there. Volkswagen considers itself a leader in the auto market in Argentina.
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