Audi announced on Saturday that its five-year investment plan (2014-2019) will exceed $30 billion CAD, with roughly 70% allocated for new models like the Q1 subcompact SUV.
Audi, which already outsells BMW in China and Europe, is aiming to catch up in the U.S., which is why it intends to broaden its lineup from 50 to 60 models by 2020.
The luxury brand's budget is part of Volkswagen's own $120 billion CAD investment program to beat Toyota in global car sales.
"We are making large investments in the innovative areas of electric mobility, connectivity and lightweight construction," Audi CEO Rupert Stadler said in the statement.
In fact, the company plans an electric crossover for the U.S. in 2017 to challenge the upcoming Tesla Model X. It is also building a factory in Mexico that will start producing the Q5 in 2016.
Source: Automotive News