Audi is planning for an increased investment for new plants, car models and technology through 2019 in an effort to surpass BMW, its German rival, as the largest luxury-car maker in the world.
The Volkswagen Group flagship division announced on Saturday that it will boost its investment in car manucfacturing by $2.44 billion up to a record breaking $29 billion within the upcoming five years.
According to Audi, 70 percent of the expenditures will be for the research and development of new Audi models and technologies such as hybrid cars that emit less.
Audi, which is responsible for 40 percent of the Volkswagen Group's profit, said that it is also currently developing pure electric vehicles to compete with its rival BMW and Tesla Motors, which will be giving an upgrade to its Roadster models before the end of the year.
Reuters reported that Audi will be spending more than 50 percent of the investment on two of its factories in Germany: Ingolstadt and Neckarsulm, which is responsible for 50 percent of Audi's three quarter auto output of 1.34 million.
"We place top priority on sustainable growth," Audi CEO Rupert Stadler told Reuters.
Stadler added that they are investing in the areas of lightweight construction, connectivity and electric mobility.
In addition, Audi is also planning to increase its model range from 50 to 60 by 2020 and have already invested more than 1 billion euros on new vehicle plants in Brazil and Mexico.
The Ingolstadt branch of Audi said that they will be hiring 850 workers more in Mexico in 2015.