Volkswagen to invest $50bn in electric vehicles and autonomous driving by 2030

The German automaker, Volkswagen, has announced plans to invest €44bn (US$50bn) into electric vehicles (EVs), autonomous driving, and new mobility services by 2023.

The firm revealed the plans on 16 November, according to Reuters, following the firm’s supervisory board vote on capital spending plans.

Under its new strategy, Volkswagen will retool three of its plants in Germany to focus on EVs and batteries, whilst exploring alliances with rival companies.

By 2025, the company wants to increase its factory productivity by 30%. It intends to achieve its goal by building vehicles from other brands on the same production line.

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“Volkswagen must become more efficient, more productive and more profitable in order to finance the high expenditure in the future and stay competitive,” stated Herbert Diess, Chief Executive Officer of Volkswagen, at a press conference in Wolfsburg.

The firm intends to explore its relationship with the US-based automaker, Ford, aiming to have a outline agreement settled by the end of 2018.

“Our two companies complement each other very well in terms of both products and regions. The joint development and manufacture of a range of light commercial vehicles is at the core of the envisaged cooperation,” Diess continued.

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