Volkswagen will spend half of its European investments in EV and digital technology


Last updated on December 8th, 2022 at 02:35 pm

Volkswagen will spend half of its European investments in EV and digital technology

German automaker Volkswagen Group intends to significantly increase its already substantial investment in technology for electric vehicles. Last Friday, the company announced plans to spend 73 billion euros over the next five years, or half of its investment in Europe, in the development of electric cars, hybrids, and other digital technologies.


This is significantly more than the 60 billion euros that the Volkswagen Group originally planned to spend on the development of the electric vehicle sector, which is 10% of its five-year planned budget. Volkswagen Group owns companies or has large stakes in Audi, Porsche, Scania, Skoda, SEAT, Bentley, Bugatti, and Lamborghini, in addition to the brand of the same name.

The Volkswagen Group also said it will have 70 electric car models in its portfolio by 2030. By that time, the company plans to produce 26 million electric vehicles, including 19 million on the Mobile Electric Drive Toolkit (MEB).

“ Having set a course for the future of battery electric vehicles at the Volkswagen Group from the outset, we are now a global leader with our electric platforms and a wide range of electric vehicles,” said Volkswagen Group CEO Herbert Diess. “ It is also imperative in the coming years to take the lead in automotive software to meet the future needs of people for individual, sustainable and fully-connected mobility. To this end, we have doubled our digitalization costs. “

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Automakers tend to opt for their core business of making cars while outsourcing everything else, but Volkswagen seems to think it can compete in the software segment as well. In Volkswagen’s case, better software is also integral to the development of self-driving cars. According to the company, the share of its own developments in the software used in cars will grow from 10 to 60%.

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