VW to boost production

Volkswagen plans to spend about $2.3 billion in the next five years to expand production in Mexico to take advantage of Mexican free-trade agreements with some of the world's major economies.

The company will invest in its Puebla plant, southeast of Mexico City, one of only two plants in the world to make the New Beetle and the only plant still making the original Beetle.

"The signing of trade agreements and free trade treaties are becoming more and more important," said chief executive Ferdinand Piech during a visit to the plant to mark the production of the five millionth Volkswagen car in Mexico - a New Beetle.