VW to Spend $50 Billion on New Tech to Take On Rivals
- CEO sees ‘extreme hard work’ to keep carmaking return target
- Carmaker sticks to capital spending ratio of 6% of sales
A VW Buzz electric cargo truck
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
A year after throwing down the gauntlet with an unprecedented outlay on next-generation mobility, Volkswagen AG has boosted its five-year plan by more than a quarter to 44 billion euros ($50 billion).
With the new record through 2023, the German carmaker is highlighting the huge stakes in moving from the combustion era into an electric future. Volkswagen said it now plans more than 50 fully-electric models on the road by 2025, more than any other manufacturer. The push, including next year’s Porsche Taycan, is part of keeping old rivals and new competitors like Tesla Inc. and Uber Technologies Inc. at bay.