Volkswagen Group (VW) has announced the company is set to invest billions of pounds into delivering new models and innovation in production and reducing environmental impact over the coming years.

The company has committed an investment of €84.2 billion (£70.3 billion) to its automotive divisions over the coming five years, with the money to make a huge difference to the firm's development budgets.

Property, plant and equipment costs are set to total approximately €63 billion, with VW looking to considerably cut its overall CO2 emissions during the period.

The remainder of funds will be used in the development of cleaner vehicle technologies and boosting the company's financial assets to at least €1.3 billion.

Dr Martin Winterkorn, chairman of the board of management at VW, commented: "We will continue to invest strongly in our innovation and technology leadership, despite the uncertain economic environment. This will once again significantly boost the group's competitiveness and safeguard its future."

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