Volkswagen has overtaken Toyota in car delivery sales for the first half of the year, making it the world's largest automaker. The German company is now on track to take the number one spot in terms of worldwide sales, toppling the Japanese automaker from the top spot. Volkswagen reported sales of 5.04 million vehicles in the first half of the year, surpassing Toyota's 5.02 million sales. But the outlook for both companies looks tentative following China's market volatility and slowing demand in the U.S.and emerging markets. Meanwhile, the third biggest automaker, General Motors (GM), is investing $5 billion to expand its Chevrolet brand in emerging markets and create a new family of vehicles. GM will develop the cars with Chinese partner SAIC and is hoping to sell up to 2 million autos by 2030. The company will focus on markets including Brazil, China and India. General Motors saw its worldwide deliveries drop 1.2 percent in the first half, dipping to 4.86 million autos. The company estimates that around 55 percent of sales growth will be accounted for by emerging markets over the next 15 years.