According to a recent report, Audi is aiming to sell 2.4 million vehicles annually by 2020. Part of this plan reportedly involves selling a model based on the Volkswagen up!

According to a recent report, Audi is aiming to sell 2.4 million vehicles annually by 2020.

In order to meet this ambitious target, Audi will reportedly expand their production capacity and introduce a variety of new models. The onslaught will reportedly begin in 2015 when the company launches the Q6, Q8 and a version of the Volkswagen Up!

We already know a lot about the Q6 and Q8 but the Audi Up! remains a bit of a mystery. Previous reports have indicated it will be an electric vehicle that has an electric motor that produces 114 bhp (85 kW) and 199 lb-ft (270 Nm) of torque. It could be powered by an 18.7 kWh battery which may enable the model to travel up to 125 miles (200 km) on a single charge.

Unsurprisingly, the new models will hit the company's bottom line as Audi expects to post lower profit margins for the next two years. However, Audi Chairman Rupert Stadler told Germany's Manager Magazin, "We will increasingly reap the reward starting in 2016."

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