Investment News Portugal - VW Group among top foreign investors in Portugal.
Investment News Portugal - The VW Group is among the top foreign investors in Portugal. It has now increased its market share with VW Group Services opening an additional hub in Lisbon. The VWGS has concentrated its 3 hubs in Lisbon and, by 2023, intends to double its workforce to reach 400 people.
While in 2021, Volkswagen Autoeuropa accounted for 1.5% of the GDP of Portugal and for 5% of goods exported, since Portugal obtained exclusivity for producing the Volkswagen SUV T-Roc that is their best-selling model in Europe. With an increasing share of the export market, Autoeuropa is setting record sales and increasing production to meet consumer demand. The plant that is located in Palmela is one of the largest foreign industrial investments in Portugal and collaborates with nearly 700 parts’ suppliers.
After an initial investment in 2018, with VW Digital Solutions (VWDS), the group has now consolidated its investments with the creation of its Innovation & Engineering Hub. This allows the VW Group to separate its engineering and digital functions.
The VW Group Services provides services in the fields of logistics, fleet management, accountancy, payroll, recruitment, PR and marketing, exclusively for companies that belong to the VW Group. The new Innovation & Engineering Hub is the second hub that is part of the MAN Engineering Hub in Portugal. This hub also comprises the MAN Truck & Bus Portugal based in Lisbon, which provides both goods and innovative services for the heavy goods vehicle sector (HGV). This sector includes new and second-hand trucks, urban and long-haul buses, long-haul coaches, as well as after-sales and financial services.
While the Automotive Industry is receiving a larger share of investments for Made in Portugal goods, the Volkswagen Group has increased its sales and export market share in Europe.
Source:
https://www.portugalbusinessesnews.com/post/volkswagen-largest-foreign-investment-portugal