FRANKFURT, Dec 9 — German auto giant Volkswagen said today that it would bulk up its investment in electric vehicles and digitalisation to €89 billion over the next five years.
“We are in the middle of the biggest transformation in the history of Volkswagen,” CEO Herbert Diess said in a press conference after a meeting of the group’s supervisory board to agree the investment plan. In 2020, Volkswagen announced €73 billion of investment in the vehicles of tomorrow for the period up to 2024.
The heightened investment will also go into the opening of six new battery factories in partnership with other companies.
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