Volkswagen Group of America will invest $1 billion in a new plant that will employ 2,000 people. As a result of this investment, an independent study estimated the overall impact of the plant will generate an additional $12 billion in income growth and more than 9,500 indirect jobs over the life of the project.
The Chattanooga Tennessee factory will build a new mid size sedan specially designed for the North American market. Approximately 30 percent of these cars will be powered by Volkswagen's TDI Clean Diesel Technology.
"The partnership between the state of Tennessee, the community and Volkswagen is creating an impact that is literally concrete," said Governor Bredesen. "The dramatic change we've seen on this site over the past year is clear evidence of Volkswagen's commitment to the people of Tennessee and to the future of the company."
"This is a big day in our company's history. Today, we are putting down new roots in the United States of America. And we are entering a long-term partnership with this community, this state and this country," said Frank Fischer, Chairman and CEO of Volkswagen Group of America Chattanooga Operations, LLC