Volkswagen plans to invest 180 billion euros ($192.76 billion) over the next five years in areas including battery production and its North American operations, it said on Tuesday, with spending on combustion engines to decline from 2025.
plans to invest 180 billion euros over the next five years in areas including battery production and its North American operations, it said on Tuesday, with spending on combustion engines to decline from 2025.
As it works toward a target of 50% electric vehicle sales globally by 2030, over two-thirds of the five-year investment budget is allocated towards electrification and digitalisation, up from 56% in a five-year plan it had released a year earlier. In the latest plan, 15 billion euros is ringfenced for battery plants and raw materials and 2 billion euros will be put toward aInvestment in combustion engine technology will peak in 2025 and decline from then on, said the automaker, which has more ambitious electrification targets than some rivals.developed by Chief Executive Oliver Blume after he took the helm of the automaker in September.
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