Volkswagen AG will invest around €76.4 billion ($98 billion) in the coming five years as part of its ambition to become the world’s biggest carmaker by 2018.
In a statement, VW said the sum represents total investment between 2012 and 2016, with the German group accounting for €62.4 billion and an additional €14 billion will be invested by VW's joint-venture companies in China.
The money will go towards improvements in production plants, vehicle development as well as building new factories and and develop technology-friendly environment.
VW aims to sell more than 10 million vehicles by 2018 and surpass GM and Toyota for the top sales spot in the industry.
“The Volkswagen Group is investing a record amount in forward-looking projects to achieve its goal of becoming the world’s best automobile manufacturer,” chief executive Martin Winterkorn said.
