By Kim Richters

Volkswagen AG said Thursday that it will spend 89 billion euros ($100.96 billion) over the next five years on future technologies such as electromobility and digitization.

As part of its yearly budget update, the German car maker said the investment on such technologies was 56% of its total capital-expenditure plan for the period, which stands at EUR159 billion.

The German company updates its five-year investment plans every year. Last year, it pledged to spend about EUR73 billion on the development of electric vehicles and other new technologies.

Also on Thursday, Volkswagen confirmed that its operating margin will reach the upper end of the target range of 6%-7.5% and deliveries of around 9 million vehicles for 2021.

At 1355 GMT, preference shares in Volkswagen were 0.2% lower at EUR183.94.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

December 09, 2021 09:14 ET (14:14 GMT)

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