Volkswagen plans to invest $ 19 billion

German carmaker Volkswagen Group has again hiked its planned investment in China as it moves to consolidate its leadership in the world''s largest auto market. According to news reports, the company plans to invest 14 billion euros ($19 billion) from 2012 to 2016 in new production facilities and products at its joint ventures in China. The investment will come through the joint ventures'' own funds, the automaker said in a recent statement. The company''s previous plan was to invest 10.6 billion euros ($14.3 billion) in local joint ventures from 2011 to 2015. The latest blueprint shows the vital role the Chinese market plays in Volkswagen''s strategic plan to be the world''s top auto manufacturer. The company sold about 1.9 million vehicles in China last year, more than one fourth of its global sales. Its China delivery this year is about to pass the 2 million-unit threshold, the company said.