VW to invest over $100bn to be number one

Berlin - Volkswagen, Europe's biggest carmaker, on Friday has unveiled plans to invest about $114bn during the next five years as part of its plan to become the world's leading auto manufacturer by 2018.

The investment in upgrading technologies and modernizing plants would give VW "extra power on our way to the top," the German-based carmaker's chief, Martin Winterkorn, said.

VW wants to replace Japan's Toyota as the world's leading motor vehicle maker by 2018. VW is currently third, behind US-based General Motors.

"We will continue to invest strongly in our innovation and technology leadership, despite the uncertain economic environment," Winterkorn said.