Volkswagen is Investing Heavily in Electric Cars
- Written by : Ashton G. Curran
- Date Published : 2023-03-21
- Date Updated : 2023-03-21
- Category / Tag : volkswagen
The German automotive group Volkswagen (VW) has raised the bar on its plan for capital investments for the next five years to 180 billion dollars. This is an increase of 13 percent compared to the last previous investment plan....
Almost 70 percent of the planned investments will go to investments in electric car manufacturing and software, which can be compared with a share of 56 percent in the previous five-year plan.
The announcement comes after VW announced that it will build a battery factory in Canada - the first outside of Europe. There have already been decisions to build a large factory for electric car manufacturing in Southern California.
Earlier in March, VW raised its forecast for sales growth this year to 15 percent, citing, among other things, full order books and better access to semiconductors.