The Race To Be First: Volkswagen To Invest $50 Billion In Self Driving EVs

Volkswagen Group on Friday said it will spend 44 billion euros ($50.2 billion) on electric vehicles, digitalization, autonomous driving and new mobility services by 2023.

The automaker also plans to increase productivity of its factories by 30 percent by 2025, by building more vehicles with different brands on the same production line, it said.

This will help lower the carmaker's capital expenditure ratio at the group's automotive division to six percent of revenues from 2020 onward, the carmaker said.

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EVisNow - 11/16/2018 10:27:43 AM

+2 Boost

Tesla has shown there's money to be made in EV when large scale economy is reached. If all the plans announced by VAG turn out to be true, they are wise to take the opportunity to be one of the leaders while other automakers wait.

Master Plan in action!

DinduNuffin - 11/16/2018 2:38:58 PM

+2 Boost

Lemme guess, now EV tech will be worthwhile, right Tesla haters?

TomM - 11/16/2018 5:34:09 PM

+1 Boost

The first Electric Vehicles were produced between 1832 and 1834 by RObert ANderson and THomas Davenport - One was a locomotive.

WE are still waiting for infrastructure to fuel them!!!!!!!!!!

Truthy - 11/17/2018 8:47:12 AM

+1 Boost

VW is schizophrenic. One week they say changing over to EVs will bankrupt the industry, the next they are investing heavily in EVs.

MDarringer - 11/17/2018 9:01:34 AM

+1 Boost

They must be in contract negotiations with their rapist union.