VW to invest $86 billion in electric cars, hybrids, digital tech in next 5 years

BERLIN — Volkswagen plans to invest 73 billion euros ($86 billion) in e-mobility, hybrid technology and digitalization within the next five years to adapt to changes in the industry, it said on Friday.

Around $41 billion will be invested in e-mobility, and $13 billion has been earmarked for the development of new hybrid cars, VW said.

It plans to spend $32 billion on digitalization, around twice as much as in the previous planning period.

“Having set the course for a battery-electric future in the Volkswagen Group early on, we are now a global leader with our electric platforms and a broad range of electric vehicles,” said Herbert Diess, Chief Executive Officer of the Volkswagen Group. “In the coming years, it will be crucial to also reach a leading position in car software in order to meet people’s needs for individual, sustainable and fully connected mobility in the future. To that end, we have doubled our digitalization spend.”

Most of the investment will be in Germany.

VW Group expects to launch 70 all-electric models by 2030: Around 20 are already in production. It also plans around 60 hybrids in that time frame, and a bit over half are already being built.

It expects to have built 26 million full-electric cars in the decade, 19 million of those on the MEB platform. Around 9 million hybrids will be built by 2030.

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