VW Will Spend $106 Billion Chasing Toyota for Sales Lead
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Volkswagen AG will keep pouring money into new vehicles, technology and factories as it chases Toyota Motor Corp. for the lead as world’s largest automaker.
VW will invest 85.6 billion euros ($106 billion) over the next five years, Europe’s biggest manufacturer of cars, vans and heavy trucks said today in a statement. The plan calls for an increase in average annual spending on auto operations to about 17.1 billion euros a year, compared with 16.8 billion euros under its previous rolling five-year budget.