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Volkswagen to invest 24 billion Euros in next 5 years to launch Audi’s top models

Volkswagen to invest 24 billion Euros in next 5 years to launch Audi’s top models

FRANKFURT: Audi AG, the premium car brand owned by Germany’s Volkswagen AG VOW, +0.03% VLKAY, -0.12% said Saturday it plans to invest EUR24 billion ($29.3 billion) over the next five years in new models, technologies and production sites, EUR2 billion more than in the previous 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 EUR85.6 billion from 2015 to 2019, about EUR1.1 billion above previous plans, largely driven by higher development costs associated with upfront investment in new technology needed to reduce carbon dioxide emissions.

About 70%, or roughly EUR17 billion, of Audi’s investments will go into new models and technologies such as new combustion engines needed to meet CO2 limits world-wide, fuel-efficient gasoline and diesel engines and plug-in hybrid cars, Audi said.