 "Alongside the automotive-technology spending, Volkswagen plans a five-year, ^72-billion budget for investment on property, plant and equipment. Photo: Reuters")
Volkswagen AG will spend more than €34 billion ($40 billion) over the next five years to develop automotive technology for an era of electric robo-taxis.
With the unprecedented investment through 2022, Volkswagen is accelerating its push into battery-powered vehicles, autonomous-driving features and ride-hailing systems, the Wolfsburg, Germany-based company said Friday in a statement. Volkswagen is seeking to defend its status as the world’s biggest automaker as new competitors such as Tesla and Uber Technologies emerge as part of the disruptive shift.
“We are reinventing the car,” Volkswagen Chief Executive Officer Matthias Mueller said. “The auto industry is facing fundamental changes in coming
