BERLIN (AP) -- Volkswagen AG says it plans to invest €51.6 billion ($70 billion) over the next five years as it focuses on modernizing and extending its brands' product range.
The company said Friday that it will put €41.3 billion of the money into property, plant and equipment for its automotive division — 57 percent of that in Germany, where it has its Wolfsburg headquarters.
Volkswagen says the group, which also includes brands such as Audi, Skoda and Seat, will focus on new and successor models "in almost all vehicle classes" and will launch new generations of engines.
It says it "will continue driving forward the development of hybrid and electric motors in particular."
Volkswagen says its Chinese joint ventures will separately invest €10.6 billion over the next five years.
