Volkswagen (VW) said it plans to invest EUR84.2 billion (AUD124.02 billion) in the next five years. The top carmaker in Europe is planning to become the leading auto manufacturer in the world. VW plans to achieve this goal by 2018, according to a report published by News.com.au.

According to VW's chief Martin Winterkorn, the Germany-based company's five-year investment plan is centered on the upgrade of the company's technologies. The automaker also intends to modernize its plants to give the firm an extra boost on its way to its goal, the report said.

VW wants to displace Japanese brand Toyota as the top motor vehicle manufacturer in the world by 2018, the report added.

At present, the German carmaker trails behind American firm General Motors.

Winterkorn said of the company's five-year investment plan: "We will continue to invest strongly in our innovation and technology leadership, despite the uncertain economic environment."