The Volkswagen Group announces plans to invest $100 billion in new automotive technology as the central part of a strategy that aims to make it the world’s leading manufacturer of battery-electric vehicles with the next five years.
In an annual budget update made public by the Volkswagen Group supervisory board, the German automaker says the investment in a wide range of technologies, including electrification, digitization, robotic production and mobility services, will amount to 56% of the company’s overall expenditure, which stands at $180 billion through 2026.
The group says it has decided to reduce spending on hybridization and internal-combustion-engine development and concentrate on stepping up the development and production of BEVs.