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Volkswagen plans $7B U.S. investment

Jan 13, 2014, 12:14 PM EST
People reflected in a refurbished 1959 Volkswagen Kombi, discuss cars at 'Das O.C.T.O. Fest 2013', a swap and display gathering for enthusiasts and owners of 1967 and earlier models of the classic vehicle in Long Beach, California on October 12, 2013.
AFP/Getty Images

German carmaker Volkswagen announced it plans to invest $7 billion in North America over the next five years as it looks to boost its sales in the U.S, which slid 7% last year. A new seven-passenger SUV will go on sale in the U.S. in 2016 as part of the investment plan.