VW Group has announced it is increasing its investment in future tech to a total of 73 billion euros ($86 billion) over the next five years.
Automakers all over the world are investing heavily in hybrid and electric vehicles. GM recently announced it was investing $2 billion in electric vehicle manufacturing, Bentley announced its entire lineup would be electric by 2030 and Subaru has committed to selling only electric vehicles by the mid 2030s.
VW had already committed 60 billion euros to future tech, but has now raised that to 73 billion euros.
“As part of Volkswagen Group’s investment planning, the Board of Management and Supervisory Board today set the cornerstones for securing the Group’s future success. The transformation of the Group and its brands and the strategic focus on the core areas of mobility will be consistently implemented. Considering the enormous challenges we face in the coming years, our financial basis is very solid,” said Hans Dieter Pötsch, Chairman of the Supervisory Board of the Volkswagen Group.
“Having set the course for a battery-electric future in the Volkswagen Group early on, we are now a global leader with our electric platforms and a broad range of electric vehicles,” said Herbert Diess, Chief Executive Officer of the Volkswagen Group. “In the coming years, it will be crucial to also reach a leading position in car software in order to meet people’s needs for individual, sustainable and fully connected mobility in the future. To that end, we have doubled our digitalization spend.”
The company’s increased investment should help it maintain its position as the world’s largest automaker.