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Audi to invest $30.3 billion through 2018 on product expansion

FRANKFURT (Bloomberg) -- Volkswagen AG's Audi division, the world's second-biggest maker of luxury cars, plans to spend 22 billion euros ($30.3 billion) through 2018, pushing models such as electric autos to gain the top spot in the premium segment.

About 15.4 billion euros, or 70 percent of the total, will be invested to develop new models and technology, the carmaker said today in a statement.

Audi targets selling 2 million cars and SUVs annually after achieving a goal of delivering 1.5 million autos in 2013, two years ahead of its original plan.

"We are now decisively steering toward our next milestone," CEO Rupert Stadler said in the statement. "This is why we're keeping our foot on the gas pedal regarding investments."

The budget is equivalent to spending 4.4 billion euros a year, an increase from a previous plan that called for investing 4.3 billion euros annually on new models and expanding production capacity.

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