Volkswagen ramps up e-mobility spending to $59 billion by 2026


FILE PHOTO: A logo of German carmaker Volkswagen is seen on a car parked on a street in Paris, France, July 9, 2020. REUTERS/Christian Hartmann

December 9, 2021

FRANKFURT (Reuters) – Volkswagen on Thursday said it would ramp up spending for battery-powered electric vehicles by around 50% to 52 billion euros ($59 billion) by 2026 as part of the group’s far-reaching transformation.

The investment is part of Volkswagen’s new revolving 5-year spending plan, which foresees total investments of 159 billion euros in the 2022-2026 period, compared with 150 billion for the 2021-2025 period.

($1 = 0.8839 euros)

(Reporting by Christoph Steitz, editing by Kirsti Knolle)

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