BERLIN (Bloomberg) — Audi will spend 24 billion euros ($29 billion) to develop technology and expand production, boosting its five-year investment plan by 2 billion euros ($2.44 billion) as it chases BMW for the top spot in luxury-car sales. About 16.8 billion euros, or 70 percent of the total, is earmarked for new models like the Q1 subcompact SUV, the company said Saturday in a statement.
Audi expects to sell a record of more than 1.7 million autos this year.
“We are making large investments in the innovative areas of electric mobility, connectivity and lightweight construction,” Audi CEO Rupert Stadler said in the statement.
The brand intends to increase its lineup to 60 models by 2020 from 50. Audi, the No. 2 brand in global luxury-car sales, aims to surpass BMW in deliveries by the end of the decade. The race tightened this year. BMW outsold Audi by just 42,600 cars in the first 11 months of 2014 compared with 54,600 a year earlier.