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VW to spend $50 million on electrification plan, explore areas with Ford

Mass producing electric cars will help the carmaker reduce the cost to the same level as current diesel vehicles

Reuters  |  Wolfsburg 

VW will spend almost 44 billion euros ($50 billion) on developing electric cars, autonomous driving and new mobility services by 2023 and explore further areas of cooperation with US automaker Ford. Diess said he hoped to have an outline agreement on cooperation with Ford fleshed out by the end of the year, with the initial focus on commercial vehicles. He added that a merger with Ford was not on the agenda and also said there were no plans to take a stake in the American company. Mass producing electric cars will help the carmaker reduce the cost to the same level as current ...

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First Published: Fri, November 16 2018. 21:14 IST
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