Volkswagen’s €34bn spend on electric cars

Volkswagen’s leaders have approved a five-year spending plan that aims to further the German automaker’s goal of transforming itself into a leading force in electric cars.

Volkswagen’s leaders have approved a five-year spending plan that aims to further the German automaker’s goal of transforming itself into a leading force in electric cars.

Europe’s largest carmaker by unit sales will spend more than €34bn on electric cars, autonomous driving and new mobility services by the end of 2022, it said following a supervisory board meeting. Total group investments by 2022 will total about €72bn, the group said.