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Business

Volkswagen Plans Expansion of Model Range

German carmaker Volkswagen is planning on expanding its current range of cars by 48 new models, according to business magazine "Capital". VW hopes to rise production levels from a current 5 million cars to around 6.4 million cars in 2007, increasing turnover from 87 billion euro to 120 billion euro in the same period. For 2002, VW chairman Bernd Pietschenrieder estimates 4.1 billion euro in profits. According to "Capital", this should increase with Volkswagen's expansion plans to 6 billion euro in 2007.