FRANKFURT (Reuters) - Volkswagen AG (VOWG_p.DE) said it will invest 51.6 billion euros ($72.1 billion) in the coming five years, more than half of which is earmarked for Germany.
Of that sum, 41.3 billion euros will go into property, plant and equipment and 10.3 billion will be spent on development, Europe’s largest carmaker said after a supervisory board meeting on Friday.
During the period from 2011 until 2015, the company will spend an average of 6 percent of its sales revenue on capital expenditure.
In addition to those planned investments, Volkswagen said its Chinese joint ventures will spend another 10.6 billion euros, which will be funded from their own cash flow.
(Reporting by Maria Sheahan; Editing by David Holmes)