Volkswagen to Invest Around $190 Billion in EV Drive, North America, China Growth
14 März 2023 - 8:16AM
Dow Jones News
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)
Copyright (c) 2023 Dow Jones & Company, Inc.
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