Volkswagen Group Raises Investments for Future Technologies to EUR 73 Billion | Financial Buzz

Volkswagen Group Raises Investments for Future Technologies to EUR 73 Billion

Volkswagen Group is pushing its transformation into a digital mobility company.  The group will about an estimated EUR 73 Billion on electrification, hybrid powertrains and digital technology over the next five years. 

“As part of Volkswagen Group’s investment planning, the Board of Management and Supervisory Board today set the cornerstones for securing the Group’s future success. The transformation of the Group and its brands and the strategic focus on the core areas of mobility will be consistently implemented. Considering the enormous challenges we face in the coming years, our financial basis is very solid,” said Hans Dieter Pötsch, Chairman of the Supervisory Board of the Volkswagen Group.

“Having set the course for a battery-electric future in the Volkswagen Group early on, we are now a global leader with our electric platforms and a broad range of electric vehicles,” said Herbert Diess, Chief Executive Officer of the Volkswagen Group. “In the coming years, it will be crucial to also reach a leading position in car software in order to meet people’s needs for individual, sustainable and fully connected mobility in the future. To that end, we have doubled our digitalization spend.”

Bernd Osterloh, Chairman of the General Works Council, commented: “The investments demonstrate that our Group walks the talk when it comes to transformation, electric mobility and digitalization. We will go fully on the offensive in the coming years. Yet, just as important as billion-euro budgets are a common understanding of the transformation and adequate planning reliability. This is where all of us – employees, managers, the Board of Management and also policy-makers – come in. As regards the latter, I am thinking in particular of Berlin and Brussels and hot topics such as charging infrastructure and high-speed Internet. Volkswagen is fully committed to climate-friendly, highly networked mobility. But for this, we and our customers need a reliable environment.”

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