The German car manufacturer Volkswagen (VW) announced on Friday plans to invest €60 billion in the “car of the future” by 2024.
This amount, of which €33 billion will go to its 100% electricity-powered range, is €16 billion more than announced last year.
The share of electrification and connected cars, which are at the heart of the innovation on which the group has embarked, has thus risen to 40% of the manufacturer’s investments, up from 30% announced at Volkswagen’s latest multiannual planning meeting, held in 2018.
In an effort to respect strict European CO2-emission standards, Volkswagen plans to sell 26 million electric cars worldwide by 2029, starting with the ID.3, which VW is relying on to conquer the compact-vehicle market. Additionally, Volkswagen plans to sell close to six million hybrid vehicles, the group said in a press release
Volkswagen aims to introduce75 purely electric models and 60 hybrid ones to the market over the next 10 years. The company had previously set itself a target of 70 electric models by 2025, under its strategy for the electrification of the car industry in Germany.
VW has previously announced that it wished to invest a total of €44 billion in cars of the future between 2019 and 2023, including close to €30 billion in electric cars.