German car maker Audi is planning to invest about EUR13bn through 2016 in a bid to boost market share and to come out of the continuous loss in Europe.
Planned to be invested as part of the carmaker's Strategy 2020, expenditures will be towards development of new products, vehicles, technology and construction of new plants.
Out of the total investment, EUR8bn will be spent on developments in its German facilities in Ingolstadt and Neckarsulm, in addition to building new facilities in China and Mexico as well as adding new technology to its facilities in China and Hungary.
Audi Board of Management for Finance and Organization member Axel Strotbek said that the firm wants to spend more than EUR2bn every year on new products and technologies.
"We will keep investing large sums to pursue our growth strategy," Strotbek said.
More than EUR10.5bn will be spent to upgrade and expand portfolio of products as well as financing core areas of expertise that include lightweight design/construction and electric mobility.
Audi CFO Strotbek said that the expansion of global manufacturing infrastructure will help the firm continue growing.
"Audi wants to sell more than two million vehicles annually by 2020 to become the perennial Number One premium brand in the world.
"To this end, Audi hopes that its innovations will attract customers everywhere to the brand."
Audi's Foshan plant in China is scheduled to start rolling off new models in early 2014, while San José Chiapa plant in Mexico is scheduled to begin production of Audis by 2016.
