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VW to roll out 20 new models globally

Volkswagen will introduce 20 new models in the next three years, including vans and pick-ups, as part of a plan to sell a staggering eight million cars by 2011.

The manufacturer is expected to decide this summer whether it's going to open a new factory in the US. Once any decision is made, it would take around two to three years before production starts.

It is considering making products designed specifically for the US market. VW has been hurt by losses in the US market. currency shifts impact operating profit by 500m euros last year.

Chief financial officer, Hans Dieter Poetsch said: "Our losses are still triple-digit and, of course, that is unacceptable, but we will improve the situation."

"We are booking massive losses in North America. Clearly with the dollar-euro rate of more than 1.55, it's almost impossible to export cars profitably from Germany to the US.

"We can do this by exporting niche cars, but as for mass volume cars, we have to produce these in the dollar area. In order to get returns, we have to implement a new business model, operating in the dollar area."

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