Volkswagen to invest 84.2 bln euros in 2014-2018

FRANKFURT Fri Nov 22, 2013 6:31am EST

FRANKFURT Nov 22 (Reuters) - Germany's Volkswagen plans to spend 84.2 billion euros ($113 billion) on its automotive division over the next five years to underpin its goal of becoming the world's largest carmaker.

The supervisory board voted to approve the spending on plants, vehicles and research and development for Europe's largest automotive group, Wolfsburg, Germany-based VW said in a statement on Friday.

The company's two Chinese joint ventures, which are not consolidated, will invest another 18.2 billion euros in 2014 to 2018.

($1 = 0.7429 euros) (Reporting by Maria Sheahan)

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