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.
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.”
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.”