VW Doubles Skoda Investments This Year, Hospodarske Says

Skoda Auto AS, the Czech unit of Volkswagen AG (VOW), doubled its investments in production this year, Mlada Fronta Dnes reported, citing Skoda Chief Executive Officer Winfried Vahland.

The company invested 525 million euros ($678 million) in the first nine months of the year to expand and modernize Skoda’s three production plants in the Czech Republic, the newspaper said, citing Vahland.

Skoda is planning to unveil the new version of its Octavia, Superb and Yeti models as well as a sports model with a working name Spaceback, the newspaper said, citing the executive.

Vahland doesn’t expect to see some major improvement on the European car market next year, even though the fact that Germany, one of Skoda’s main markets, remains stable is positive, the newspaper cited him as saying.

To contact the reporter on this story: Ladka Bauerova in Prague at lbauerova@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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