Volkswagen to spend €60 billion on switch to Electric Cars

Volkswagen Group to invest €60 billion in hybridization, electric mobility and digitalization over next 5 years, €33 billion on electromobility alone.

 

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

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.

Source Text and images : Volkswagen Group News

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