Volkswagen joins other carmakers in new Spain investments
By Robert Hetz | January 24, 2013 4:21 AM EST
German carmaker Volkswagen
Spain's government has applauded the new investments, saying they are the result of a labour market reform that makes the country more competitive for businesses and also makes it cheaper for companies to hire and fire employees.
Nissan <7201.T>, however, said last week that it was cancelling plans to expand production of a new model in Spain after it failed to reach an agreement with union workers over new contract terms. Nissan said Spain was missing out on 4,000 new jobs and a 130-million-euro investment.
"A large part of the 785 million euros investment will go to prepare installations for manufacturing the next generations of Polo and its substitute in the future," Volkswagen said in a statement.
The Volkswagen plant outside Pamplona in the region of Navarra has a production capacity of 1,400 cars a day and employs 4,600 people.
(Reporting by Robert Hetz; Writing by Fiona Ortiz; Editing by Tracy Rucinski)
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- 5 Proofs Russia is Geared-Up for Shooting War with U.S. and Can Win Future Nuclear Showdown
- Target’s ‘Surprise Doorbusters’ Black Friday 2014 Deals On TV Sets, Entertainment Centres, DVD Players And More
- IKEA Black Friday 2014 Ad Includes Discounts On Home Furnishings, Appliances, Kitchen Designs, Beds, Sofas, Mattresses And Toys
- T-Mobile’s Black Friday 2014 Deals On Apple iPhone 6, Samsung Galaxy Note 4/Edge, Nexus 6, HTC One M8, LG G3, iPad Air 2 And Mini 3
- ISIS Drug Transit From Afghanistan To Europe Confirmed By Russia: Money Goes Into Terror Funding And In New Recruitments
- ISIS Kidnaps Iraqi Defence Minister’s Family, Executes Female Parliament Candidates
- Bill Clinton At It Again, Caught By Camera In Jerusalem Peeking At Woman’s Breast