By Kim Richters 
 

Luxury-car maker Audi AG said Thursday that it is increasing investments in electromobility for the next five years.

The Volkswagen AG brand plans to spend 18 billion euros ($20.32 billion) between 2022 and 2026 on electrification and hybridization, up from a previously planned EUR15 billion.

The spending is part of a total investment amount of EUR37 billion set for the period for research and development and investments in property, said Audi.

"The current round of planning reflects our accelerated future trajectory. Based on this investment planning, the focus of our advance payments until 2026 is quite clearly on consistently implementing the roadmap with a comprehensive product offensive of fully and partially electric models," said Juergen Rittersberger, management board member for finance and legal affairs at Audi.

The Audi investment plan is part of Volkswagen's EUR159 billion budget for the next five years, which the German car maker updated last week.

 

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

 

(END) Dow Jones Newswires

December 16, 2021 05:13 ET (10:13 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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