VWG commits to £64bn investment
The Volkswagen Group will spend around €73bn (£64.5bn) on electrification, hybrid powertrains and digital technology over the next five years as it presses ahead with its transformation into a digital mobility company.
Investments in digitalisation will double to €27bn by mid-decade, reflecting the group’s strong focus on building up software capabilities. Approximately €35bn will be spent on battery-electric vehicles. A further approximately €11bn has been earmarked for the development of hybrid vehicles of existing models.
Bernd Osterloh, chairman of the General Works Council, said: “The investments demonstrate that our Group walks the talk when it comes to transformation, electric mobility and digitalisation. We will go fully on the offensive in the coming years. Yet, just as important as billion-euro budgets are a common understanding of the transformation and adequate planning reliability. This is where all of us – employees, managers, the board of management and also policy-makers – come in. As regards the latter, I am thinking in particular of Berlin and Brussels and hot topics such as charging infrastructure and high-speed Internet. Volkswagen is fully committed to climate-friendly, highly networked mobility. But for this, we and our customers need a reliable environment.”
