VW to put billions into ambition

VOLKSWAGEN plans to invest €50 billion (£41bn) in the next three years in its bid to become the world’s largest car maker before the end of the decade.

Of the overall figure earmarked for 2013 to 2015, €24.7bn will go towards modernising and extending the product range for Volkswagen’s 12 brands including Audi, Porsche and Skoda.

Chief executive Martin Winterkorn said that, despite the challenging economic environment, the firm was “investing more than ever before to reach its long-term goals”.

VW is striving to replace Toyota as the world’s biggest car maker no later than 2018 and is increasing its presence outside Europe, building or planning new factories in markets such as China and Russia.

The investment plan includes €14.5bn for a factory for Audi in Mexico, expansion of Porsche’s Leipzig plant and increased production of automatic gearboxes.