VW hikes EV, technology investments; boosts German production

VW hikes EV, technology investments; boosts German production

BERLIN — Volkswagen Group is boosting EV and battery manufacturing in Germany as a part of its plans to speculate 73 billion euros ($86 billion) in e-mobility, hybrid expertise and digitalization over the subsequent 5 years.

About 35 billion euros ($41 billion) shall be invested in full-electric automobiles and 11 billion euros ($13 billion) has been earmarked for the event of hybrid variations of present fashions, VW mentioned in a statement on Friday.

The funding is a part of VW Group’s new five-year planning cycle, agreed by the supervisory board on Friday.

The spending improve relies on the expectation that the worldwide economic system will develop reasonably over the subsequent 5 years, VW mentioned.

The funding envisages manufacturing of about 26 million full-electric automobiles in Europe, China and the U.S. by 2030.

Some 19 million of those shall be primarily based on the automaker’s Modular Electrical Drive Toolkit, with many of the remaining 7million to make use of the high-performance PPE platform.

VW mentioned it estimates manufacturing of round 7 million hybrid autos over the identical interval.

It plans to spend 27 billion euros ($32 billion) on digitalization, round twice as a lot as in its earlier planning interval.

This contains spending on the group’s Automobile.Software program group launched earlier this yr. The purpose is to construct a proprietary software program stack, which shall be deployed in Audi’s Artemis project to develop a sophisticated, self-driving electrical automobile by 2024.

The corporate’s personal share in software program is to extend to 60 % from 10 %. As well as, a big share of the funds earmarked for digitalization shall be invested within the mission-critical fields of synthetic intelligence, autonomous driving and digitalization of serious enterprise processes, VW mentioned.

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