BERLIN - Volkswagen has raised its planned investment on digital and electric vehicle technologies to 73 billion euros over the next five years as it seeks to hold onto its crown as the world’s largest carmaker in a new green era.Under a plan presented on Friday, Volkswagen said it would allocate nearly half its investment budget of 150 billion euros on e-mobility, hybrid cars, a seamless, software-based vehicle operating system and self-driving technologies.
“The transformation of the company and its brands as well as the strategic focus on the core mobility areas will be consistently implemented,” Volkswagen’s supervisory board Chairman Hans Dieter Poetsch said. Pressure to retool factories to build electric cars has also increased after California, which accounts for 11% of U.S. car sales, said in September that it plans to ban the sale of new gasoline-powered cars and trucks from 2035.
Key facts: Converting all U.S. autos to electric vehicles will require roughly: 18x world’s current cobalt production, 9x neodymium, 7x lithium, & 4x world copper production.
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