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Business

VW Scales Back Planned Investments

Volkswagen, Europe's biggest car maker, said Friday it planned to scale back investments over the next two years as part of a wide-ranging cost-cutting program. "Investments within the Volkswagen group will total €16.3 billion ($21 billion) in 2005 and 2006, which represents a further reduction compared with the previous planning round," VW said in a statement. Most of the investments were being earmarked for spending in fixed and financial assets and development costs, the statement said. In the automotive division alone, fixed asset investment would total €11.8 billion in 2005 and 2006, six percent less than previously planned. The modernization and expansion of the product range would account for the lion's share of investment in the automotive division, or €7.7 billion in all. (AFP)