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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 

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 ...

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First Published: Sat, November 18 2017. 00:14 IST