Cleaner Tech
VW Sets €180 Billion Spending Plan to Further New Technology
- Carmaker to steer 68% of rolling investment to EVs, software
- CEO says catching up with China competition is major challenge
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Volkswagen AG is increasing investments in software and EVs to close the gap to Tesla Inc. and halt a decline in China just as the threat of a demand slowdown hangs over the automotive market.
The German carmaker is boosting its rolling five-year spending plan by 13% to €180 billion ($193 billion) with more than two-thirds going to software and electric vehicles. VW said turning around sliding market share in China is a “major challenge.”