Germany's carmaker Volkswagen AG announced on Friday plans to invest 2.3 billion euros in Brazil and said it hopes to build million vehicles a year in the country by 2014.
Volkswagen, the Europe's biggest carmaker, said the planned investment through 2014 is aimed at increasing production capacity and developing new models. It expects to produce 800.000 vehicles in Brazil this year.
Brazil is the company's third largest market after China and Germany.
Volkswagen announced last week that it would make newly 30 billion euro investments around the world to upgrade its operations and to modernize and expand its product range over the next few years.