Three years after the diesel emissions scandal, Volkswagen said last November that it would invest US$49.7 billion (44 billion euro) on e-mobility, autonomous driving, new mobility services, and digitalization in vehicles and at plants through 2023. This investment would represent around one third of all expenditure for the 2019-2023 period that Volkswagen has planned.
One of the world’s largest carmakers, Germany’s Volkswagen AG, is betting big on electric vehicles and e-mobility with a war chest of around US$50 billion to challenge Tesla, which, for the time being seems unfazed by the increasingly crowded EV market.
Three years after the diesel emissions scandal, Volkswagen said last November that it would invest US$49.7 billion (44 billion euro) on e-mobility, autonomous driving, new mobility services, and digitalization in vehicles and at plants through 2023. This investment would represent around one third of all expenditure for the 2019-2023 period that Volkswagen has planned.
At the Geneva Motor Show this week, Volkswagen staged the world premiere of the electric ID. BUGGY.
“The ID. BUGGY demonstrates the broad spectrum of emission-free mobility that can be achieved with the MEB [electric drive matrix] within the Volkswagen brand. But we want to open up the platform for third-party suppliers”, said Ralf Brandstätter, COO of the Volkswagen brand.
“The transformation of the Volkswagen brand is in full swing. We are making excellent progress in the areas of digitization of our company and the electrification of our models,” Brandstätter added.
Read more at Volkswagen Launches $50B EV Race to Challenge Tesla
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