Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Volkswagen U.S. Finance Arm to Expand Illinois Facility

April 20 (Bloomberg) -- Volkswagen AG’s U.S. financing arm said it will expand its Illinois office, adding about 150 new jobs through 2018, as it prepares for the German automaker’s expanding American business.

VW Credit Inc. is breaking ground today on a 30,000-square-foot (2,787-square-meter) expansion to about double the size of its facility in Libertyville, Illinois, as part of efforts to align itself with VW’s “ambitious growth strategy,” Andrew Stuart, chief executive officer of the credit union, said in a statement.

U.S. deliveries for the VW brand rose 41 percent during the first quarter, driven by sales of the redesigned Passat sedan built at the automaker’s Chattanooga, Tennessee, assembly plant. The Wolfsburg, Germany-based automaker wants to double U.S. vehicle sales by 2018, including the Audi luxury brand.

VW had its best sales month ever with the Passat in U.S. when it sold 10,032 in March, the company said in a statement. VW sold 12,497 combined Passat sedans and wagons for all of 2010.

“To now hit a run rate of in excess of 10,000 units for the month is a real step in the right direction and, I think, a further endorsement of our product and investment strategy for the U.S. market,” Jonathan Browning, CEO of Volkswagen Group of America, told reporters earlier this month. VW’s U.S. operations are based in Herndon, Virginia.

The automaker in March said it would add 800 jobs at its Chattanooga plant to meet demand for the Passat.

VW Credit, which has about 850,000 accounts valued at $20 billion, services 940 dealers in the U.S. and employs about 850 people, the unit said in a statement. The unit serves VW- and Audi-brand customers.

To contact the reporter on this story: Tim Higgins in Southfield, Michigan at thiggins21@bloomberg.net

To contact the editor responsible for this story: Jamie Butters at jbutters@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.