Audi, the world’s second-largest maker of luxury vehicles, plans to spend 13 billion euros ($17 billion) through 2016 to develop new cars and expand production capacity to stop BMW sales lead.
The billions will be invested in both vehicle development (including lightweight auto design and alternative powertrains) and facilities (including expansion in Hungary, China and new operations in Mexico).
“We will keep investing large sums to pursue our growth strategy,” Chief Financial Officer Axel Strotbek said in the statement. “The expansion of our global manufacturing infrastructure will help us to continue growing.”
Audi aims to sell at least 2 million cars a year and overtake BMW know as BMW will increase sales 4.6 percent to 1.54 million vehicles in 2013, according to estimates from industry researcher IHS Automotive.