Volkswagen Group will keep pouring money into new vehicles, technology and factories as it chases Toyota for the lead as world's largest automaker.VW plans to invest 85.6 billion euros ($106 billion) over the next five years, the company said Friday. The plan calls for an increase in average annual spending on auto operations to about 17.1 billion euros a year, compared with 16.8 billion euros under its previous rolling five-year budget.
"We will continue to invest in the future to become the leading automotive group in both ecological and economic terms," CEO Martin Winterkorn said in a statement. "Development costs will remain high in the future as a result of high innovation pressure and increasing demands on the automotive industry."
Read Article