FRANKFURT -- Volkswagen AG will invest 62.4 billion euros ($86.4 billion) in the coming five years as it seeks to supplant General Motors Co. and Toyota Motor Corp. at the top of the industry.
"The Volkswagen Group is investing a record amount in forward-looking projects to achieve its goal of becoming the world's best automobile manufacturer," CEO Martin Winterkorn said in a statement.
VW's 20-member board approved the spending on plants, vehicles and r&d for VW's nine brands, including Audi, Skoda, Seat, Bentley and the core VW marque, between 2012 and 2016.
"Top of the agenda for us are investments in environmentally friendly, sustainable models and drives," Winterkorn said in the statement, issued after the board meeting on Friday.
The carmaker's Chinese joint ventures, Shanghai-Volkswagen Automotive and FAW-Volkswagen Automotive, which are not consolidated, will invest an additional 14 billion euros through 2016.
Previously, Europe's largest automaker planned to invest a combined 61.6 billion euros in the five-year period ending in 2015 (51.6 billion euros outside China and 10 billion euros in China).