Volkswagen to invest $40bn in electric mobility until 2022

Berlin : Europe’s largest carmaker Volkswagen has announced yesterday that it will invest more than 34 billion euros (40 billion U.S. dollars) in electric vehicles, autonomous vehicles and digitalization until 2022.

The decision was made following the conclusion of consultations on the Wolfsburg-based firm’s board over how to respond to the challenge of technological change in the automotive industry.

Volkswagen Chief Executive Officer Matthias Mueller subsequently expressed confidence that the program would enable his company to become the “global number one” for electric mobility.

According to the plans, the Volkswagen plant in Zwickau will become an “E-Mobility Plant” while production of the popular Passat line is concentrated in Emden from the start of 2019 onwards and the Golf family of cars is built in Wolfsburg.