Volkswagen AG will invest €180 billion in production over the next five years

Eva Homicio
banner 1

Volkswagen logo

Volkswagen logo

German car manufacturer Volkswagen AG announced plans to invest €180 billion in production over the next five years. 

banner 2

Approximately 70% of this sum will be allocated to the development of electric cars and software, according to the company's website. This marks a 13% increase in investment compared to previous plans, as reported by Bloomberg.

Volkswagen CEO Oliver Blume has stated that this year will be critical for achieving the company's strategic goals and accelerating overall development.

On Monday, March 13, Volkswagen also announced plans to build a battery factory in Canada - the first outside of Europe. This plant aligns with the German company's strategy to increase its presence in the North American market, which also includes the construction of a new electric car plant in South Carolina worth $2 billion.

The automaker is also investing in China, its largest market, in order to increase competitiveness with local models and stop the decline of market share, especially among electric vehicles.

Despite focusing on future technologies, Volkswagen's investments in traditional internal combustion engines will also increase. They will reach their peak only in 2025, when new strict Euro 7 emission standards come into effect in the European Union.

banner 4

Related Content

Business -

10 richest people in the world in 2023 - who they are and how they made their fortune

As of 2023, the world's 10 richest people have a combined net worth of over $1 trillion, an amount that exceeds the GDP of many countries. Let's take a look at who these individuals are and how they made their fortunes.
Y Combinator
Business -

Y Combinator Foundation fires 20% of employees and reduces investments in companies

Venture capital firm Y Combinator has cut 20% of its team and will invest less in growth-stage companies.
Crypto -

Crypto funds fix record outflow of $255 million in one week

Crypto Funds fix Record Outflow of $255 Million in One Week. From March 4th to March 10th, the outflow of funds from cryptocurrency investment products hit an all-time high of $255 million, up from $17 million the previous week.
News -

China lifts visa restrictions for all foreign citizens

The Consular Department of the Ministry of Foreign Affairs of China has announced that starting from March 15th, all categories of visas for foreign citizens entering China will once again be considered and issued.
News -

The exact date of Xi Jinping's visit to Moscow has been announced

China's leader, Xi Jinping, will visit Russia for a three-day trip from March 20 to 22. During the visit, Xi Jinping will hold talks with Russian President Vladimir Putin.