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Volkswagen Group of America Announces It Will Produce Cars in Chattanooga;
Decision Marks Company’s Ongoing Commitment to North American Market
Company will invest $1 billion and bring about 2,000 direct jobs to tri-state area
HERNDON, Va. (July 15, 2008) — Volkswagen Group of America, Inc. announced today that
it will build a U.S. automotive production facility in Chattanooga, Tenn., where it will produce
a car designed specifically for the North American consumer and invest $1 billion in the
economy. The announcement is an important element of the company’s overall U.S. strategy
of connecting with its customers, increasing its competitiveness and tripling its U.S. customer
base in the next decade.
“The U.S. market is an important part of our volume strategy and we are now very resolutely
accessing that market,” said Prof. Martin Winterkorn, CEO of Volkswagen AG. “Volkswagen
will be extremely active there. This plant represents a milestone in Volkswagen’s growth
strategy. We will be selling 800,000 Volkswagens in the U.S. by 2018, and this new site will
play a key role. This, along with our growth strategy, is a prerequisite for the economic
success of the company in the dollar region. We look forward to establishing an important
mainstay for ourselves when we become the biggest European carmaker there.” read more
The 2008 Governor's Conference |
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Tennessee Wins Site Selection Magazine's
2007
Competitiveness Award! |
Tennessee has won Site Selection magazine's 2007 Competitiveness Award for economic development. The honor marks the second time the state of Tennessee has placed first among the annual ranking of states by one of America’s leading economic development publications. Click here to read the Site Selection article.
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An effective strategy for informed economic development planning for multi-county areas of the state must start with keen insight into regions’ existing economic structure, the resources that they offer, and the differences that exist across them. The Tennessee Department of Economic and Community Development contracted with the Center for Business and Economic Research (CBER) at the University of Tennessee to identify the economic regions in Tennessee and to provide a comprehensive profile of each region.
