VW to spend €34bn on electric cars
Volkswagen has approved a €34bn spending plan that accelerates its efforts to become a global leader in electric cars.
The world's largest carmaker by unit sales will spend the money on electric cars, autonomous driving and new mobility services by the end of 2022.
"We are laying the foundation for making Volkswagen the world's number one player in electric mobility by 2025," chief executive Matthias Mueller said.
Pioneers such as Tesla and other electric car manufacturers are still working out how to make money on them as poor charging infrastructure, high battery costs and limited driving range weigh on demand.
Until it admitted to cheating on emissions tests, Volkswagen had been slow to embrace electric cars and self-driving technology.
But the fraud and new Chinese quotas for electric cars, prompted a strategic shift and Volkswagen now has one of the most ambitious targets in the industry. It has pledged to offer an electric version of each of its 300 group models by 2030.