Volkswagen has earmarked €50.2 billion of investments over the next three years as it accelerates plans designed to help it become the world’s largest carmaker by the end of the decade.

As the company strives to replace Toyota as the top automaker globally, it is expanding its presence outside Europe, building or planning new factories in markets such as China, Mexico and Russia.

It is also stepping up investments in products and technology to consolidate its lead over stricken western European peers, which have slowed or shelved programmes and revamps in a shrinking European market.

Volkswagen’s total spending equals an average €16.7 billion from 2013 to 2015. Last year, it had said it would invest €62.4 billion from 2012 until 2016. – (Reuters)