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Volkswagen to invest 73 billion euros in e-mobility, digital tech in next five years

FILE PHOTO: The logo of German carmaker Volkswagen is seen on a rim cap in a showroom of a Volkswagen car dealer in Brussels, Belgium July 9, 2020. REUTERS/Francois Lenoir/File Photo

BERLIN (Reuters) – Volkswagen VOWG_p.DE plans to invest 73 billion euros ($86 billion) in e-mobility, hybrid technology and digitalization within the next five years to adapt to changes in the industry, it said on Friday.

“The transformation of the company and its brands as well as the strategic focus on the core mobility areas will be consistently implemented,” supervisory board chief Hans Dieter Poetsch said.

Around 35 billion euros of the money will be invested in e-mobility, and 11 billion euros have been earmarked for the development of new hybrid cars, VW said.

It plans to spend 27 billion euros on digitalization, around twice as much as in the previous planning period.

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