German auto manufacturer Volkswagen AG announced in February that it plans to invest $1.72 million over the next five years to increase its share of markets throughout Asia, particularly in China. The company sold 430,000 cars in the region last year, but hopes to boost total sales in Asia by 51% over the next five years. China's pending membership in the WTO and the estimated demand for foreign cars have prompted Volkswagen and other foreign car manufacturers to focus attention on China. Volkswagen plans to begin production of a Chinese version of the compact sedan Polo at its joint-venture plant in Shanghai in 2002. Meanwhile, Volkswagen's sales in Japan were up by 24% last year, the highest increase on record. The company will also make capital investments in Singapore and Australia.