Volkswagen will invest 180 billion euros ($192.76 billion) in the next five years into areas including battery cell production, digitalisation in China and expanding its presence in North America, the carmaker said on Tuesday.
Over two-thirds of the five-year investment budget is allocated towards electrification and digitalisation, up from 56% in the previous five-year plan, with 15 billion euros of that ringfenced for battery plants and raw materials.
Investment in combustion engine technology will peak in 2025 and decline from then on, the carmaker said, as it works towards its target of 50% all-electric sales globally by 2030.
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