Volkswagen Group is to invest around 51.6 billion euro (£44bn) in its automotive division over the next five years as part of plans to overtake Toyota as the world’s largest car maker by 2018.
A total of 27.7bn euros is earmarked for “new vehicles, successor models and derivatives in almost all vehicle classes based on modular technology”, the company says.
Read more on VW's plans to overtake Toyota as the world's largest car maker
VW also said it would continue to “systematically continue its model roll-out with a view to tapping new markets and segments”.
On engines, the firm said: “New generations of engines will be launched with enhanced performance, fuel consumption and emission levels. The group will continue driving forward the development of hybrid and electric motors in particular.”
Read more on VW's plans for sporty hybrids
VW will launch a more sports-orientated hybrid system on its new Jetta next year and the system is also set to make it onto the seventh-generation Golf in 2012/13, when the all-electric version of the Golf will also be launched.
VW Group boss Martin Winterkorn said: “Volkswagen Group will help shape the technological turning point in key areas of the automotive industry and, to do this, will continue investing in environmentally friendly technologies, efficient drives and new models.”
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Re: VW's £44bn spend on car division
Its a hell of a lot to spend,question is will they make it all back??I would think Toyota are unconcerned about holding on to the number one spot.
Re: VW's £44bn spend on car division
27.7bn euros to be spent on new vehicles, models and derivatives, so I expect we can expect entrances in new niches that they think that get them a lot of new sales quickly. I have to say that they are going to have to crack the U.S. market if they want to usurp Toyota as world Number 1
Re: VW's £44bn spend on car division
They're going to have to do more than buy 20% of Suzuki to make proper inroads in China and India. Also they'll have to tackle their incredibly weak image on reliability in North America to tap that market properly.