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Volkswagen to spend 44 billion euros on electric, autonomous cars by 2023

WOLFSBURG, Germany (Reuters) – Volkswagen (VOWG_p.DE) on Friday stated it’s going to spend 44 billion euros on electrical cars, digitalization, autonomous riding and new mobility services and products by 2023 as a part of a push by Europe’s biggest carmaker to mass produce electrical cars.

The carmaker additionally plans to building up productiveness of its factories by 30 % by 2025, by development extra cars with other manufacturers on the similar manufacturing line, it stated.

This will lend a hand decrease the carmaker’s capital expenditure ratio on the staff’s automobile department to six % of revenues from 2020 onward, the carmaker stated.

Reporting by Edward Taylor; modifying by Thomas Seythal

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