The announcement was made by Volkswagen brand CEO Herbert Diess at an event in the Pacheco plant, attended by Argentine President Mauricio Macri and the governor of Buenos Aires province, Maria Eugenia Vidal
BUENOS AIRES – German auto manufacturer Volkswagen announced on Friday that it will invest $650 million in its plant in the Buenos Aires town of Pacheco, where it will begin production of a new model in 2020.
The announcement was made by Volkswagen brand CEO Herbert Diess at an event in the Pacheco plant, attended by Argentine President Mauricio Macri and the governor of Buenos Aires province, Maria Eugenia Vidal.
“We plan to invest around $650 million. With that we will guarantee the future of the plant and the jobs in Pacheco,” Diess said.
The CEO said that in 2020 this plant will begin production of a new model of its sport-utility vehicle (SUV).
“I wish to thank the government and President Macri for their close collaboration and for the help they have provided in recent months,” Diess said.
At the event, Macri described as “good news” the announcement of the German automaker’s investment.
“It makes me very proud every time people decide to count on us. This investment signifies that many very intelligent experts in Germany evaluated different countries and possibilities and decided they will once again invest in Argentina,” the Argentine president said.
Macri noted the policies and accords reached among companies, labor unions and the government in Argentina’s automotive sector, and said that a record 780,000 vehicles have been sold in Argentina so far this year.