December 1, 2016 / 4:55 PM / 9 months ago

Volkswagen Truck & Bus to invest 420 mln euros in Brazil

A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016.Kacper Pempel

FRANKFURT (Reuters) - Volkswagen AG (VOWG_p.DE) said its truck and bus unit would invest 420 million euros ($446.5 million) in Brazil over the next five years to offer new products, modernize its plan in Resende and develop connectivity services.

"I am confident that the Brazilian economy has bottomed out and will recover again in the next few years," Volkswagen Truck & Bus chief Andreas Renschler said in a statement on Thursday.

The investment is the biggest ever by Volkswagen's Brazilian truck and bus unit, Volkswagen Caminhões e Onibus.

Reporting by Maria Sheahan; Editing by Harro ten Wolde

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