Volkswagen is vigorously expanding its investments in climate-friendly drives and digitization. The Group is investing billions in the expansion of its electric vehicle fleet and digital technologies. The Supervisory Board decided on the investment plan for the next five years.
Between 2020 and 2024, the Group plans to spend just under € 60 billion on e-mobility, hybrid drives and digitization, the Supervisory Board said after a meeting in Wolfsburg. This represents more than 40 percent of all capital and development investment. Around 33 billion euros are to flow into the electric mobility alone.
75 electrical models planned
For the previous five-year planning period until 2023, the figure for e-mobility, autonomous driving, networking and mobility services was just under 44 billion euros - about one third of the total. The budget now approved represents just over 40 percent of the total expenditure planned for the period.
"In the years to come, we are once again setting the pace with our investments," said CEO Herbert Diess. "We want to use our economies of scale and maximize synergies." By 2029, the group plans up to 75 pure electric models, so far were planned by 2028 about 70 models.
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In a first wave, the group wants to bring 26 million e-mobiles to the roads worldwide by 2029, most of them based on the MEB modular construction kit. So far, about 22 million pieces were planned by 2028. The aim of the initiative is to reduce the emissions of the vehicle fleet of climate-damaging CO2 in order to meet the harsher climate regulations.
One focus of the investment is the expansion of production for pure electric vehicles. For example, Volkswagen plans to rebuild the factories in Emden and Hanover after the Zwickau plant has been converted for the production of ID series electric cars. In China and the United States too, locations are to be partially or completely converted from combustion to electrical production.
The money for the investment wants to continue to develop VW through both the cash flow from the current business as well as austerity programs themselves. This also means that jobs will continue to be lost because the volume of work in electromobility is lower than in conventional burners.
At its meeting, the Supervisory Board also appointed Markus Duesmann as the new head of Audi. He succeeds Bram Schot in April, as SPIEGEL reported on Wednesday. Schot had only one year ago succeeded Rupert Stadler, who had to go because of the diesel scandal.
