- Volkswagen plans to spend $193 billion on software, battery factories and other investments by 2025 to make every fifth vehicle sold electric.
- The automaker will focus on expanding in North America and becoming more competitive in China.
- The plan includes investing €180 billion in producing battery cells, developing software and shoring up supply chains of critical raw materials.
- Volkswagen will continue producing combustion-engine cars in the short term, but is pivoting towards battery-powered vehicles.
- The automaker reported a net profit of €15.8 billion in 2022, an increase of 2.6 percent from the previous year.
The New York Times — Business — Volkswagen's $193 Billion Investment in Electric Cars and Software — Automobiles — Electric and Hybrid Vehicles — Batteries
Volkswagen Will Invest $193 Billion in Electric Cars and Software
Volkswagen aims to make every fifth vehicle sold electric by 2025 with a $193 billion investment in software, battery factories and other investments. The automaker will also focus on expanding in North America and becoming more competitive in China.