FRANKFURT— Audi AG , the premium car brand owned by Germany’s Volkswagen AG , said Saturday it plans to invest €24 billion ($29.3 billion) over the next five years in new models, technologies and production sites, €2 billion more than in the previous planning period.

The investment program is part of a plan announced by parent Volkswagen last month, an Audi spokesman said. Volkswagen said in November it would boost capital investment to €85.6 billion from 2015 to 2019, about €1.1 billion above previous plans, largely driven by higher development costs associated with upfront investment in new technology needed to reduce CO2 emissions.

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