Audi has announced plans to invest to €24 ($29.2 / £18.8) billion through 2019. A majority of the funds will be used for the development of 10 new models.

Audi has announced plans to invest to €24 ($29.2 / £18.8) billion through 2019.

The company was coy on specifics but confirmed nearly 70 percent of the investments will go towards the development of new models and technologies.

Speaking of the latter, Audi confirmed plans to launch a "new generation of extremely economical combustion engines and alternative efficiency technologies." The automaker is also focused on plug-in hybrids and noted fuel-cell vehicles can go into series-production as "soon as justified by the market and infrastructure."

The four-ringed brand also said they will introduce ten new models by 2020. There's no word on specifics but the company hinted we can expect additional C and D segment models as well as new crossovers such as the 2016 Q1.

The rest of the investments will go towards developing advanced connectivity and driver assistance systems as well as their production network. Details are hazy but Audi says their Ingolstadt and Neckarsulm facilities will see a large influx of cash.

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Audi investing 24 billion euros to develop 10 new models