BERLIN - Volkswagen will invest 460 million euros ($482 million) by early 2025 in its Wolfsburg plant, with most of the funds going into preparation for the production of the electric ID.3 model, brand chief Thomas Schaefer said on Wednesday.

Once series production of the ID.3 is underway, which should happen after 2025, an additional fully-electric model in the SUV segment will also be produced in Wolfsburg on the MEB platform, which is being developed into MEB+, the statement said.

The MEB+ platform will provide faster charging times and longer ranges, according to the statement.

SUVs were the carmaker's largest segment globally by far, Schaefer said: "This is the largest vehicle segment worldwide, in which our beloved Tiguan also belongs. The new model will add to our bestseller ID.4 and ID.4 models and expand our market position," he said.

The timeline for production of the ID.3 is on track, with partial production to take place in Wolfsburg from 2023 and full production expected in 2024. ($1 = 0.9535 euros)

(Reporting by Victoria Waldersee; Editing by Christoph Steitz and Miranda Murray)