VOW3

By Mauro Orru

Volkswagen AG plans to invest 180 billion euros ($193.20 billion) over the next few years to grow its presence in North America and China, as car makers jockey for position in the electric-vehicle market.

The German car maker said Tuesday that more than two-thirds of the investment, or 68%, would go toward digitization and electrification.

The group said it would spread the investment between 2023 and 2027 in what it called the most attractive profit pools, including North America and China, where Volkswagen is seeking to expand.

"Our strong financial base puts us in a position to continue investing in the electrification and digitalization of our company, even in a challenging economic environment," said Arno Antlitz, Volkswagen Chief Financial Officer.

The group said every fifth vehicle sold globally is expected to have an all-electric drive as early as 2025. Global electric-vehicle sales achieved around 10% market share industrywide for the first time last year, driven mainly by strong growth in China and Europe.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

March 14, 2023 03:01 ET (07:01 GMT)

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