Volkswagen to invest €10bn by 2025

Volkswagen will invest more than €10bn by 2025 in areas like electric cars and ride-hailing as it seeks to reshape its business in the wake of its emissions-test cheating scandal, it said yesterday. 

Europe’s biggest carmaker said it would fund what it dubbed “the biggest change process in the company’s history” with an efficiency drive, including integrating components businesses that currently employ 67,000 people in 26 locations worldwide.

“The Volkswagen Group will be more focused, efficient, innovative, customer-driven and sustainable – and systematically geared to generating profitable growth,” chief executive Matthias Mueller said, launching a plan called “TOGETHER – Strategy 2025”.