(MENAFN) Volkswagen AG's said that its growth in China is expected to slow to around 10 percent this year compared with 16 percent in 2013 due to a limited production capacity, Gulf Times reported.
Volkswagen Group, whose brands include Audi, Skoda and Porsche, said that it expects to deliver a total of 3.6 million vehicles in China this year, which is an increase by 10 percent compared to last year, though it still lags behind the growth rate of 16 percent registered last year
The German car maker said that they are planning to increase their investment in manufacturing to deal with the production capacity, which will include investing USD22.8 billion from 2014 to 2018 to increase annual production capacity to around 4 million vehicles.
Volkswagen said that they also plan to significantly extend its product portfolio to better compete with General Motors for the top spot in China, with the car manufacturer saying that they are making good progress in their plan to launch a budget car in China as well as developing a China-only luxury sedan.
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