NEW YORK: Audi will spend $29 billion to develop technology and expand production, boosting its five-year investment plan by 2 billion euros as it chases BMW for the top spot in luxury-car sales.
About 16.8 billion euros, or 70 percent of the total, is earmarked for new models like the Q1 subcompact sport-utility vehicle, the Ingolstadt, Germany-based unit of Volkswagen AG (VOW) said today in a statement.
Audi expects to sell a record of more than 1.7 million autos this year. “We are making large investments in the innovative areas of electric mobility, connectivity and lightweight construction,” Chief Executive Officer Rupert Stadler said in the statement. The brand intends to increase its lineup to 60 models by 2020 from 50.