Luxury automaker Audi has announced plans to invest 24 billion ($29.3 billion USD) in order to produce five new models, develop new technologies and build new production sites. The decision was driven by the need to develop new technologies in order to meet increasingly strict emissions regulations.
Audi says 70% of the investment will go towards developing new models and other technologies such as gasoline and diesel engines and electric and hybrid powertrains. The automaker also said it will work on improving vehicle connectivity and driver assistance tech.
“We place top priority on sustainable growth. That’s why we are making large investments in the innovative areas of electric mobility, connectivity and lightweight construction,” Audi chairman Rupert Stadler said in a statement.
The investment also includes the expansion of Audi’s production facilities in Ingolstadt and Neckarsulm, Germany. The automaker recruited 3,000 new employees in Germany alone in the past twelve months, and has plans to hire and train 700 more young workers going forward. It will also hire another 850 employees at its San Jose Chiapa plant in Mexico next year, where production of the next-generation Q5 SUV will eventually commence.