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Volkswagen will spend 35 billion euros on electric cars in five years

14 November 2020, Saturday By Victoria Frolova
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The company intends to become climate-neutral by 2050, and in the next 10 years to increase the number of models of its electric vehicles to 70.


Volkswagen will spend 35 billion euros on the design and production of electric vehicles in the next five years. This amount was approved by the company's executives in the 69th planning round.


According to the chairman of the Volkswagen Group's works council, Bernd Osterloh, these investments demonstrate that the words of the company do not diverge from the actions, and the concern is transforming towards electrification and digitalization. The company is "focused on becoming a climate-neutral and digital brand."


Volkswagen will spend 35 billion euros

Volkswagen plans to completely eliminate harmful emissions into the atmosphere by 2050, and reduce them in 10 years. By 2030, the automaker intends to expand the range of hybrid models from 30 to 60, and electric - from 20 to 70. In absolute terms, this is about 26 million electric cars.


The company's planned spending on electric vehicles stems from the continuing growth of the global economy. If it continues to strengthen as it has in recent years, Volkswagen will increase other costs as well. For example, in this case, the concern will double the amount that it initially pledged for software development, and bring the cost of digital to 27 billion euros.


According to the chairman of the board of directors of the Volkswagen Group Herbert Diess, the company was one of the first to enter the production of electric cars and is now a leader in this area.


"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," - said Diss.


Volkswagen will spend 35 billion euros

Together with the 11 billion that Volkswagen will invest in the development of hybrid cars, spending on electrification and digitalization will amount to 73 billion euros - almost half of all the group's investments in the next five years.

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