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Report: Volkswagen plans $340M investment in Tenn. plant to build new SUV

Volkswagen AG will announce plans to invest $340 million to manufacture a new sport utility vehicle at its Chattanooga, Tenn., plant to meet the growing demand of larger vehicles, Reuters reported, citing a person briefed on the announcement.

Volkswagen Group of America CEO Hinrich Woebcken told reporters in 2017 that the automaker planned to build a five-seat SUV in Tennessee, though he declined to give a start of production date.