VW Hikes Budget for New Tech to $66 Billion
Volkswagen AG has boosted its five-year budget for electrification and other technologies by 3% to nearly €60 billion ($66 billion).
The move will hike VW’s average annual spend to €12 billion ($13 billion) from €8.8 billion. The plan increases the company’s direct investment in electric cars by 10% to €33 billion ($36 billion) through 2024. The balance of €27 billion will go to hybrid powertrains and digitization programs.
VW also adjusted its 10-year product plan. The company now expects to introduce 135 electrified models over that period: 75 with all-electric and 60 with hybrid powertrains. The assortment will comprise some 20 million electrified models, or nearly 80% of its total output.
The budget VW describes does not include future products made by the company’s joint ventures in China. Those businesses arrange their own funding for plants and products.
VW’s expanded budget comes as the company, like other carmakers, faces cooling markets worldwide. Last month the group said many of those markets are shrinking faster than previously anticipated. VW now expects flat unit sales but 5% revenue growth this year.
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