Mexican Media Brands
VW Hikes Tech Spending 29% to €44 Billion
Volkswagen AG says it intends to spend nearly €44 billion ($50.2 billion) by 2023 on electrification, autonomous driving, mobility services and the digitization of its vehicles and plants.
Share
Volkswagen AG says it intends to spend nearly €44 billion ($50.2 billion) by 2023 on electrification, autonomous driving, mobility services and the digitization of its vehicles and plants.
The new budget compares with €34 billion allocated a year ago for those areas. VW also believes it can boost productivity at its assembly plants 30% by 2025 by sharing the same production lines with multiple brands.
The company’s first wave of all-electric models will debut in 2019 with high-end models under the Audi and Porsche brands. VW’s mainstream “I.D.” line of EVs will present its first car in 2020.
CEO Herbert Diess says additional goals are to improve the profitability of each of its brands, accelerate the coverall pace of innovation and lower its ratios of spending on capital investments and research to a “competitive” 6% by 2020.
Diess also says partnerships will play a significant role in the company’s plans. He signals a pending agreement with Ford, noting that the two companies complement each other well in terms of markets and products.
RELATED CONTENT
-
GM Develops a New Electrical Platform
GM engineers create a better electrical architecture that can handle the ever-increasing needs of vehicle systems
-
Flying Car Flight of Fancy Gets Real
People have been dreaming about flying cars since the early days of the auto and aircraft industries.
-
Study: How States Should Update Traffic Laws for Autonomous Cars
U.S. states should require that all automated cars have a licensed driver on board, suggests a study by the Governors Highway Safety Assn.
