Volkswagen invests in Brazil

Volkswagen, Europe's largest carmaker, plans to invest up to 6.2bn reais (£2.25bn) between 2010 and 2014 in Brazil to meet growing demand for automobiles, the head of its unit in the country said yesterday. VW expects Brazil's car sales to reach 4m units by 2014, compared with about 3m now, chairman of Brazil VW Thomas Schmall said. The German caemaker's Brazilian subsidiary is the country's largest auto exporter. It is currently in final negotiations to  10,000 Voyage Golf Saloon models to Iraq to renew the middle eastern country's taxi fleet.