Hyperdrive
VW Boosts Tech Spending Within $177 Billion Investment Plan
- German carmaker boosts outlays for EVs, software through 2025
- Auto industry is reeling from fallout of Covid-19 pandemic
After problems delayed the ID.3 electric this year, VW will go global in 2021 with the ID.4.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Volkswagen AG will reserve a bigger slice of its 150-billion euro ($177 billion) budget for investment in electric cars and software in the next five years, stepping up technology spending to navigate a tectonic industry shift even as the Covid-19 pandemic roils markets.
Investments in battery-powered vehicles, autonomous driving and related future technologies will rise to about 73 billion euros, or half the company’s budget through 2025, VW said Friday. That’s up from 60 billion euros a year ago, or 40% of investments planned at the time. The numbers don’t include VW’s Chinese joint ventures, which have a separate, self-funded investment plan.