Volkswagen hikes funding into autonomous, electrical automotive tech to 73 billion euros

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© Reuters. FILE PHOTO: The emblem of German carmaker Volkswagen is seen on a rim cap in a showroom of a Volkswagen automotive seller in Brussels

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BERLIN (Reuters) – Volkswagen (DE:) introduced plans to spend extra on digital know-how, saying on Friday it might be essential to have a number one place in automotive software program within the altering mobility sector.

It is going to spend 73 billion euros ($86 billion) on electrical and hybrid automobiles know-how and digitalization over the following 5 years, or round half of its complete funding funds of round 150 billion euros, it mentioned.

That’s up from 60 billion, or 40% of investments, it introduced in final 12 months’s five-year plan.

“The transformation of the corporate and its manufacturers in addition to the strategic concentrate on the core mobility areas can be persistently applied,” supervisory board chief Hans Dieter Poetsch mentioned.

Volkswagen Chief Government Herbert Diess mentioned final month that the corporate would tweak its technique to keep up funding momentum for growing electrical and autonomous automobiles because it tries to make up for misplaced revenues attributable to the coronavirus pandemic.

Beneath the plan offered on Friday, Volkswagen is doubling its deliberate spending on digitalization to 27 billion euros, because it seeks to develop a seamless, software-based car working system, it mentioned.

Round 35 billion euros of the cash can be invested in e-mobility, and 11 billion euros have been earmarked for the event of latest hybrid automobiles, it added.

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