MADRID, June 18 (Reuters) - German auto maker Volkswagen AG said on Wednesday it would invest more than 1.2 billion euros ($1.42 billion) in design and production in Spain over the next three years.
"We are going to invest more than 1.2 billion euros in the next few years in Spain. This money will go mainly to increase the technological capacity of our design centre in Barcelona and not only on production facilities," Chief Executive Bernd Pischetsrieder told a news conference in Madrid. VW's total investment will be 1.254 billion euros, according to a statement released by Spain's Science and Technology Ministry at the same news conference.
Pischetsrieder added that the design centre would develop two new models, one for Seat and one for Audi. These new models will go into production in 2004.
This will increase the number of people working in the design centre from around 1,000 people now to 2,000.