VW Earmarks $40 Billion for Self-Driving, Electric-Vehicle Push
- Preparing for new auto era requires ‘tremendous effort’: CEO
- Volkswagen backs pledge to reduce investment ratio by 2020
Sept. 11 Interview With Volkswagen CEO Mueller on Electric-Vehicle Plans
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Volkswagen AG will spend more than 34 billion euros ($40 billion) over the next five years to develop automotive technology for an era of electric robo-taxis.
With the unprecedented investment through 2022, Volkswagen is accelerating its push into battery-powered vehicles, autonomous-driving features and ride-hailing systems, the Wolfsburg, Germany-based company said Friday in a statement. Volkswagen is seeking to defend its status as the world’s biggest automaker as new competitors such as Tesla Inc. and Uber Technologies Inc. emerge as part of the disruptive shift.