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 ...
Volkswagen earmarks $40 bn for self-driving tech in e-vehicle push
Production of electric cars for European markets will largely be focused at a German factory in Zwickau
Christoph Rauwald | Bloomberg Last Updated at November 18, 2017 00:14 IST