German auto giant Volkswagen said on Thursday that it would bulk up its investment in electric vehicles and digitalisation to 89 billion euros ($101 billion) over the next five years.
The 12-brand group will dedicate 56 percent of its 159 billion euros of investment to developing the cars of the future, up from 50 percent, and estimates that “one in four cars sold in 2026 will have a battery-electric motor”.
“We are in the middle of the biggest transformation in the history of Volkswagen,” chief executive Herbert Diess told reporters after a meeting of the group’s supervisory board to agree the investment plan.
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