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. Last Updated: 07/27/2016

Skoda Hits a Million

PRAGUE -- Czech car maker Skoda Auto, majority-owned by Volkswagen AG, Monday produced its 1 millionth vehicle since VW took a stake in the firm in 1991, the news agency CTK said.

VW took a minority stake in Skoda and under a privatization plan with the government, gradually increasing its holding to a majority stake two years ago. VW currently holds about 70 percent of the Czech automaker.

Skoda, based 55 kilometers north of Prague, plans to make 251,000 cars this year after 208,279 in 1995, including 5,000 units of a new mid-sized model.