SAO PAULO -(Dow Jones)- Volkswagen do Brasil said Thursday it will invest 6.2 billion Brazilian reals ($3.5 billion) in Brazil between 2010 and 2014 in an attempt to overtake Fiat (FIATY) as the country's number one car and truck retailer.
Volkswagen AG's (VOW.XE) local chief executive, Thomas Schmall, said that the money would come from European headquarters as well as the subsidiary offices in Brazil.
The 2010-2014 budget marks Volkswagen's largest investment ever in Brazil.
Brazil has become an important market for European car makers. While car sales have declined in Europe and the U.S., Brazil car sales continue to rise and will break a record 3 million vehicles in 2009.
Lower interest rates, tax breaks, and Volkswagen's introduction of its new Gol model helped push national sales higher despite a recession.
-By Kenneth Rapoza, Dow Jones Newswires
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