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Volkswagen investing $113 billion over 5 years

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CHATTANOOGA, TN (Times Free Press) -

The Volkswagen Group will invest $113 billion through 2018 in its drive to become the world's biggest automaker, the company said today.

Over two-thirds of the investment will flow into efficient vehicles, drives and technologies, as well as environmentally friendly production, the company said in a statement after a meeting of its 20-member supervisory board.

No figures were given about investment in the United States, and there was no mention about a potential new sport utility vehicle for North America. An announcement about whether to build a new SUV in VW's Chattanooga plant or in Mexico could come before the end of the year, officials have said.

Chattanooga is considered the frontrunner for the project.

Read more from our news partners at the Chattanooga Times Free Press.

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