Audi to invest €14bn in electric vehicles and autonomous driving by 2023
The German auto brand, Audi, has announced plans to increase investment in electric vehicles (EVs), digitalisation, and autonomous driving.
The Volkswagen subsidiary aims to invest €14bn (US$16bn) in the plan between 2019 and 2023.
The company will focus its spending on property, plant, and equipment as well as research and development.
“This planning round bears a clear signature: We are taking a very systematic approach to electric mobility and will be much more focused in future,” stated Bram Schot, temporary Chairman of the Board of Management at Audi.
“We are consistently prioritizing our resources for future-oriented products and services that are highly attractive and relevant to the market.”
“With models such as the recently presented Audi e-tron GT concept, we want to electrify people again for Audi and at the same time be an agile and very efficient company.”
Audi intends to release approximately 20 EVs by 2025, starting with its first fully-electric SUV, the Audi e-tron. Half of the planned 20 models will be fully-electric vehicles.
The firm is partnering with Porsche to develop the “premium architecture electrification (PPE)” for large electric cars, whilst also working with Volkswagen for the “modular electric drive kit (MEB)”.
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