Volkswagon AG, the largest carmaker in Europe, has opened up a factory in Russia and is looking to triple its share of the Russian car market by 2010.
The company, based in Wolfsburg, plans to up its market share from the current 3 percent to 10 percent within three years. Russia provides an excellent opportunity for automakers, as 11 billion euros have already been spent on new foreign cars this year.
Volkswagon are not alone in moving into Russia. Ford is expanding capacity at its St Petersburg plant by 75 percent, General Motors is also building an outlet on the outskirts of the city, as is Toyota.
Volkswagon looks set to build 66,000 cars at the plant next year.
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