VW Boosts Investment in Electric and Autonomous Car Technology To $86 Billon

Volkswagen has raised its planned investment on digital and electric vehicle technologies to 73 billion euros ($86 billion) over the next five years as it seeks to hold onto its crown as the world's largest carmaker in a new green era. From a report: Under a plan presented on Friday, Volkswagen said it would allocate nearly half its investment budget of 150 billion euros on e-mobility, hybrid cars, a seamless, software-based vehicle operating system and self-driving technologies. In last year's plan, the German car and truck maker, which owns brands including VW, Audi, Porsche, Seat and Skoda, had earmarked 60 billion euros for electric and self-driving vehicles out of the 150 billion budget. A global clampdown on emissions, partly triggered by VW's diesel pollution scandal in 2015, has forced carmakers to accelerate the development of low-emission technology, even for their low-margin mainstream models.

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