Report: Audi to spend $17 billion through 2016 to overtake BMW in sales

Audi, which is now the world’s second-largest luxury auto manufacturer, said that it plans on spending close to $17 billion through 2016 to develop new models and increase production capacity in a move to surpass BMW in sales.

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The Volkswagen AG owned luxury brand will spend a chunk of the money on new vehicles and technologies including electric powertrains and lightweight auto design.

“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 is planning to sell at least 2 million units on an annual basis to overtake BMW by 2020.

– By: Omar Rana

Source: Detroit News