Volkswagen AG, Europe’s largest carmaker, will invest 51.6 billion euros ($71 billion) in the automotive business over the next five years to help reach a goal of surpassing Toyota Motor Corp. in sales and profit. The 20-member supervisory board approved the outlays for plants, vehicles and developing the carmaker’s nine brands at a meeting today, Wolfsburg, Germany-based VW said in an e-mailed statement. The automaker’s Chinese joint ventures will spend an additional 10.6 billion euros through 2015, the carmaker said.
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