FRANKFURT — Volkswagen will invest 60 billion euros ($66.12 billion) by 2024 to develop electric and hybrid cars as well as digital technologies, the multi-brand car and truckmaking group said on Friday.

Volkswagen plans to build 75 variants of electric car and around 60 hybrid vehicle models, it said. By 2029 around 26 million electric cars will be built, of which 20 million vehicles will use VW's electric MEB vehicle platform, the carmaker said.

Volkswagen plans to retool its plant in Emden, Germany to build an electric sports utility vehicle (SUV) from 2022 onwards, and a decision on where to locate a new factory will be taken by year-end, the carmaker said.

Reporting by Edward Taylor.