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VW Audi

Cosworth Technology is to receive a £50m investment from its parent company Volkswagen Audi to expand its factories in Wellingborough, Northampton and Worcester and create 700 new jobs.

Volkswagen has agreed the £117m purchase of Cosworth, the high performance engine maker, from Vickers, and is to sell the motor sport division on to Ford for £50m.

Volkswagen has overtaken BMW in the race to acquire Rolls-Royce Motor Cars from Vickers with a recommended bid of £430m, and bids from the two companies are expected to be put to Vickers shareholders on June 4.