Volkswagen to Spend EUR60 Billion on Future Technologies Over Next Five Years
November 15 2019 - 7:05AM
Dow Jones News
By Max Bernhard
Volkswagen AG (VOW.XE) said Friday that it plans further ramp up
spending on electric and hybrid vehicles and digitalization,
earmarking investments of about 60 billion euros ($66.04 billion)
for the next five years.
The German car maker said about EUR33 billion of the total is
for electric mobility alone, with the rest to be spent on hybrid
vehicle technology and digitalization.
The EUR60 billion figure represents more than 40% of the
company's investments in property, plant and equipment and all
research and development costs during the planning period.
"Hybridization, electrification and digitalization of our fleet
are becoming an increasingly important area of focus. We intend to
take advantage of economies of scale and achieve maximum
synergies," said Chief Executive Herbert Diess.
The company is also working on increasing its productivity,
efficiency and cost base in light of the worsening economic
situation, he added.
Write to Max Bernhard at max.bernhard@dowjones.com
(END) Dow Jones Newswires
November 15, 2019 07:50 ET (12:50 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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