Volkswagen to spend €60 billion on switch to Electric Cars

Press talk after the Supervisory Board Meeting of the Volkswagen Group from November 15

From left: Dr. Herbert Diess, Chairman of the Board of Management of Volkswagen AG; Hans Dieter Pötsch, Chairman of the Supervisory Board of Volkswagen AG; Stephan Weil, Minister President of the State of Lower Saxony and Member of the Supervisory Board of Volkswagen AG; Bernd Osterloh, Chairman of the General and Group Works Council and Member of the Supervisory Board of Volkswagen AG.

15th november 2019

Volkswagen investing strongly in the future

Planned investments and development costs for future areas such as hybridization, electric mobility and digitalization will total roughly EUR 60 billion between 2020 and 2024
Share of planned spend for future topics increased in Planning Round 68 to approximately 40 percent from approximately 30 percent in the previous Planning Round

The Volkswagen Group is continuing to invest strongly in its future. As part of Planning Round 68, the investment plan for 2020 to 2024* has been drawn up. The plan was dis-cussed during today’s meeting of the Supervisory Board and approved. The Group plans to spend nearly EUR 60 billion on the future areas of hybridization, electric mobility and digitalization in the next five years. This amounts to slightly more than 40 percent of the company’s investments in property, plant and equipment and all research and development costs during the planning period. Compared with the Group’s last Planning Round, it represents an increase of around 10 percentage points. The Group intends to invest around EUR 33 billion of this figure in electric mobility alone.

“We are resolutely pressing ahead with the transformation of the Volkswagen Group and focusing our investments on the future of mobility. This is part of our systematic and consequent implementation of the Group’s strategy,” said Hans Dieter Pötsch, Chairman of the Supervisory Board of the Volkswagen Group.

“We will step up the pace again in the coming years with our investments. Hybridization, electrification and digitalization of our fleet are becoming an increasingly important area of focus. We intend to take advantage of economies of scale and achieve maximum synergies. In light of the worsening economic situation, we are also working on increasing our productivity, our efficiency and our cost base so as to secure meeting our targets,” said Herbert Diess, Chief Executive Officer of the Volkswagen Group.

Source Text and images : Volkswagen Group News