The firm will also launch a new sports utility vehicle (SUV) in the US - one of its biggest markets - in 2016.

 

It also reiterated¹ its goal of selling a million Volkswagens and Audis - its luxury brand - in the US by 2018.

 

Volkswagen has set its sights on becoming the world's biggest carmaker by then. 

 

It is currently the world's third-biggest manufacturer, behind Japan's Toyota and US carmaker General Motors.

 

"As a group, we will be investing over $7bn in North America over the next five years," said Martin Winterkorn, chief executive of Volkswagen.

 

 

Volkswagen's plans to boost investment in the region come at a time when the US car market has been recovering from the slump³ seen in the years after the global financial crisis. 

 

Analysts⁴ expect 2013 to be the best year for the US auto⁵ market since 2007, with total annual sales expected to reach nearly 15.6 million units.

 

If that figure is met, it would mark a strong recovery from 2009, when sales fell to 10.4 million.

 

Global carmakers, including Volkswagen, have benefited from the continuing recovery. 

 

Last week, Volkswagen reported record sales for its luxury brands - Audi, Porsche and Bentley - in 2013. 

 

A rise in deliveries in the US market was a key contributor to their sales during the period.

 

Audi's sales jumped 13.5% in the US during the period, from a year ago, while Porsche saw growth of 21% and Bentley deliveries rose 28%.

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