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Volkswagen Truck & Bus to invest 420 million euros in Brazil

The Volkswagen logo is pictured at the booth of German carmaker Volkswagen at the IAA truck show in Hanover, September 23, 2014. REUTERS/Fabian Bimmer

FRANKFURT (Reuters) - Volkswagen AG said its truck and bus unit would invest 420 million euros (354.88 million pound) in Brazil over the next five years to offer new products, modernise its plan in Resende and develop connectivity services. "I am confident that the Brazilian economy has bottomed out and will recover again in the next few years," Volkswagen Truck & Bus chief Andreas Renschler said in a statement on Thursday. The investment is the biggest ever by Volkswagen's Brazilian truck and bus unit, Volkswagen Caminhões e Onibus. (Reporting by Maria Sheahan; Editing by Harro ten Wolde)