The price tag to get ahead of the competition is eye-popping. Germany’s Volkswagen says it will invest €44 bn in the future issues of e-mobility, autonomous driving and digitalization in its plants and vehicles over the next five years. The amount represents a third of the group’s total expenditure between 2019 and 2023. The announcement was made at its Supervisory Board meeting.
Herbert Diess, Volkswagen’s CEO of Volkswagen says: “One aim of the Volkswagen Group’s strategy is to speed up the pace of innovation. We are focusing our investments on the future fields of mobility and systematically implementing our strategy.”
To achieve its aims, VW says three of its main plants in Germany will be the focus of the production of electric vehicles. “We’re also expanding our production sites for our e-offensive,” says Diess.
VW also released an update on its on-going partnership talks with Ford. It says the joint development and manufacture of a range of light commercial vehicles is at the centre of this cooperation. It added that additional fields of collaboration have been identified but they remain unnamed.