Volkswagen is ramping up its investments in electric vehicles, committing €180bn over the next five years to manufacture its own batteries and expand in the world’s biggest markets in the US and China.
It is a 13 per cent increase on last year’s pledge of €159bn with just over two-thirds of the money set aside for the transition to electric vehicles and software as the car increasingly becomes a connected device, where the smartphone links with the functions in the vehicle.
Chief executive Oliver Blume said the world’s second-largest carmaker by volume would use the investment to target growth in “key markets”, adding that 2023 would be a “decisive year” for the group.
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