(MENAFN) Volkswagen AG announced investing USD106 billion in its automotive operations in the next five years, aiming to push foreign expansion, news models and technology, Oman Observer reported.
The German automaker said the bulk of the cash will flow into developing more efficient vehicles and production methods, taking its capital expenditure to between 6 and 7 percent of revenue in 2015 to 2019.
About USD51.15 billion of the total investment will go towards developing a range of sports utility vehicles, modernizing part of the light commercial vehicles and toward developing hybrid and electric drives.
Around USD28.48 billion will be spent on expanding capacity at its plant in Poland where it builds Crafter vans, and the new Audi plant in Mexico, as well as on paint shops and a production facility to make vehicle parts.
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