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Audi plans to invest $22b from 2012 to 2016

From Reuters| December 28 , 2011 19:52 BJT

Reuters (Frankfurt) - Volkswagen's Audi unit will invest 13 billion euros (S$22 billion) from 2012 to 2016 in new products and its factories, mostly in Germany, it said on Tuesday.

Audi said it would add about 1,200 staff in Germany next year.

'To continue our profitable growth, we'll power ahead with investments in new products,' chief financial officer Axel Strotbek said in a statement on Tuesday.

More than 10.5 billion euros will be invested in the development of new models as well as in future technologies such as electric or hybrid engines, the company said.

Audi chief executive Rupert Stadler told Reuters on Sunday that the automotive industry faced a tougher year in 2012 compared with this year.

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