German automaker Volkswagen will miss its CO2 compliance target this year by "a gram or so", Chief Executive Herbert Diess said on Monday.

Diess also said he saw business recovering next year and that the company was planning for a return to pre-COVID crisis levels in 2022.

Diess was speaking after Volkswagen announced on Friday it was increasing its planned investment in digital and electric vehicle technologies to 73 billion euros ($86 billion) over the next five years.