MUNICH, Germany, Dec. 27 (Xinhua) -- German car producer Audi AG announced Saturday to expand its investment program to 24 billion euros (29 billion U.S. dollars) at home and abroad from 2015 through 2019.

The total investment volume comprises about 17 billion euros of investment in property, plant and equipment and 7 billion euros of capitalized development costs, according to a press release of the Ingolstadt-based company.

"70 percent of all our investment in the next five years will flow into new models and innovative technologies," CFO Axel Strotbek said, adding that "the sites in Ingolstadt and Neckarsulm are the basis for our international success. We therefore plan to make more than half of the total investment in Germany."

The production plant in Ingolstadt is already being prepared for new models. Extensive rebuilding work will start also in Neckarsulm in 2015, in order to prepare the plant for the next generation of Audi A8, according to the press release.

In the past 12 months, Audi has recruited some 3,000 new employees in Germany alone. The four rings brand announced that it will continue to recruit in 2015, in order to underpin its course of sustainable growth.