The carmaker is to invest around €62.4bn in its Automotive Division in the coming five years. Of this figure, investments in property, plant and equipment will account for €49bn. VW added that 57% of the funds will be invested in Germany alone.

‘The Volkswagen Group is investing a record amount in forward-looking projects to achieve its goal of becoming the world’s best automobile manufacturer in economic and ecological terms,’ said Dr Martin Winterkorn, CEO of Volkswagen Aktiengesellschaft, adding: ‘We shall continue to extend our innovation and technology leadership. Top of the agenda for us are investments in environmentally-friendly, sustainable models and drives.’

As well as focusing on new vehicles and successor models, VW will push ahead with the development of hybrid and electric engines.

In addition, the carmaker will invest in on wind, solar and hydroelectric power to supply the factories with renewable energies.