Audi to invest $30.3B to challenge BMW

December 28, 2013 

Volkswagen’s Audi division, the world’s second-biggest maker of luxury cars, plans to spend 22 billion euros ($30.3 billion) through 2018, pushing models such as electric autos to gain the top spot in the premium segment.

About 15.4 billion euros, or 70 percent of the total, will be invested to develop new models and technology, the Ingolstadt, Germany-based carmaker said Friday in a statement.

Audi targets selling 2 million cars and sport utility vehicles annually after achieving a goal of delivering 1.5 million autos in 2013, two years ahead of its original plan.

“We are now decisively steering toward our next milestone,” Chief Executive Officer Rupert Stadler said in the statement.

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