Volkswagen's Bentley brand has set an ambitious sales target of 20,000 in annual vehicle sales by 2020, which would be double its sales from last year.

The lofty sales goal is a jump from the luxury brand's original growth target of 15,000 vehicles to be sold each year by 2018, Reuters reported via Frankfurter Allgemeine Zeitung.

The British carmaker plans to add new models that will include the first-ever Bentley sport utility vehicle. The brand will choose a fifth model line by fall 2015, Bentley CEO Wolfgang Duerheimer told Reuters in October.

The upcoming SUV will likely appear in 2016 and will be the fruit of a $1.23 billion investment, according to Left Lane News.

Bentley sold around 11,000 vehicles in 2013, reporting revenue of 1.68 billion euros, or $2.1 billion.

The luxury automaker launched its Bentley Grand Convertible Concept at the Los Angeles Auto Show held last month. Touted as Bentley's "most sophisticated open-top car ever," the Grand Convertible Concept is a decadent four-seater with a brilliant Sequin Blue finish that the automaker says was inspired by detail on a customer's haute couture gown.

The convertible is powered by a 6.75-liter V-8 engine under its hood that generates 530 horsepower and 811 pound-feet of torque.

"We are eagerly awaiting the response of our customers to this car. We will ensure that this car--if it reaches the roads--will be a highly exclusive, extremely limited collector's piece," Duerheimer said of the concept in a statement.

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