FRANKFURT (AFP) -- Volkswagen, the biggest European car maker, said Friday that its supervisory board had approved investments of 29 billion euros (42 billion dollars) over the next three years.

The money was earmarked in part for the development of new models, and ""we will also invest in innovative technologies and our new plants in Russia and India,"" a VW statement quoted chief executive Martin Winterkorn as saying.
About 20.9 billion euros would be invested in ""property, plants, and equipment,"" more than half of which would be spent in Germany, the statement added.
Of the total 28.9 billion euros, 13.8 billion ""will be spent on modernizing and extending the product range.
""The main focus will be on new vehicles, successor models and derivatives in virtually all vehicle classes.""
VW said it would ""systematically continue its model initiative so as to develop new markets and new segments.""
The group had curtailed investment in recent years, but like other German car makers, it is now in the midst of a record year. On Thursday, it hailed the delivery of an all-time high of 528,500
""At the end of the year, we will exceed for the first time the level of six million deliveries,"" a statement had quoted Winterkorn as saying.
Strong sales in Eastern Europe, Asia and South America had more than made up for a drop in Germany and weaker sales in Western Europe and North America, VW said.
The statement released on Friday said VW planned to ""expand its new plants in Russia and India in order to supply these growing markets with locally produced vehicles.""
Joint ventures in China were not included in the total figure however. ""These companies will invest a total of 2.1 billion euros in the period from 2008 to 2010,"" the statement said.