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Audi to invest €30 mn, as part of Strategy 2015

Audi to invest €30 mn, as part of Strategy 2015
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First Published: Thu, Jan 03 2008. 11 25 PM IST
Updated: Thu, Jan 03 2008. 11 25 PM IST
Mumbai: Present in India for only three years, German luxury carmaker Audi AG, has earmarked investments of up to €30 million (Rs174 crore) by 2015 in its local operations. To date, the company has invested €10 million to set up a separate assembly line at sister company Skoda Auto India Pvt. Ltd’s plant in Aurangabad, Maharashtra.
“India is one of the components of our Strategy 2015, which aims to achieve 1.5 million automobiles sales per year worldwide. We want to be the most successful premium brand in India as well,” Rupert Stadler, chairman of the board of management, Audi AG said in a statement.
This will be the main production unit for Audi in India as it does not plan to use parent company Volksawagen’s plant coming up in Chakan, as of now, said Bettina Bernhardt, general manager (press relations), Audi India. Volkswagen is investing Rs2,450 crore in its plant, which will be able to make 110,000 cars annually. Audi started assembling the A6 luxury mid-sized sedan locally last November. It is hoping to reduce prices on this model by Rs1.4 lakh to Rs2 lakh depending on engine range, taking advantage of a cut in duties which the earlier fully-built imported car cost.
The company will make 300 units of this model in 2008, ramping up to 2,000 units by 2015. Audi will also start assembling the Audi A4 sedan locally in late 2008.
Audi now joins the group of luxury carmakers such as Daimler AG and BMW AG who also build cars locally and are also targeting the Indian market to make significant contribution to their global sales.
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First Published: Thu, Jan 03 2008. 11 25 PM IST