Volkswagen Group will keep pouring money into new vehicles, technology and factories as it chases Toyota for the lead as world’s largest automaker.

VW plans to invest  €85.6 billion ($106 billion) over the next five years, the company said Friday. The plan calls for an increase in average annual spending on auto operations to about  €17.1 billion a year, compared with  €16.8 billion under its previous rolling five-year budget.