Berlin - Europe's biggest carmaker Volkswagen AG unveiled plans Wednesday to build a new compact family vehicle in Slovakia.
German-based Volkswagen will invest about 308 million euros (400 million dollars) in building the new model, currently known by its project name, "up".
VW currently builds its Touareg, Skoda Octavia as well as its Audi Q7 in the Slovakian capital Bratislava and employs about 7,800 people in the nation, which has emerged a major hub in the global car industry. Porsche also builds its Cayenne model in Bratislava.